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PPG raises proposed bid for Akzo Nobel to $28.8 billion

  • PPG Industries sweetened its bid for Dutch peer Akzo Nobel.
  • The move comes a day before Akzo will face a group of shareholders at its annual meeting.
  • Akzo has declined two previous overtures from PPG.
A PPG quality assurance technician examines a paint formula at one of PPG’s coatings manufacturing facilities.
Source: PPG Industries
A PPG quality assurance technician examines a paint formula at one of PPG’s coatings manufacturing facilities.

PPG Industries, the U.S. paintmaker that is pursuing a takeover of Dutch peer Akzo Nobel, on Monday increased its proposed offer to 26.9 billion euros (22.5 billion pounds) in cash and shares, from around 24.6 billion euros.

The move comes one day before Akzo, which has declined two previous overtures from PPG, is due to face a group of unhappy shareholders at its annual meeting.

The shareholders, led by hedge fund Elliott Advisors, say Akzo should at least open exploratory talks with PPG to more closely examine their proposal.

PPG said its bid represented an increased price of 96.75 euros, including dividend, per AkzoNobel share — comprised of 61.50 euros in cash and 0.357 shares of PPG common stock.