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BRIEF-Akzo Nobel rejects second unsolicited proposal from PPG
March 22, 2017 / 8:02 AM / 9 months ago

BRIEF-Akzo Nobel rejects second unsolicited proposal from PPG

March 22 (Reuters) - Akzo Nobel NV:

* Rejects second unsolicited proposal from PPG Industries Inc

* Proposal fails to recognise value of CO and neglects to address significant risks and uncertainties, including extensive anti-trust concerns

* Proposal does not address concerns expressed by boards in their initial rejection of March 9, 2017

* Revised proposal represents a value of 88.72 euros ($95.84)(adjusted for final dividend) consisting of 56.22 euros(adjusted for final dividend) in cash and 0.331 PPG shares

* Revised proposal will lead to significant job cuts. It includes synergies which can be expected to result in restructuring of combined employee base, leading to job losses

* Management Board and Supervisory Board of CO, together with their financial and legal advisors, have thoroughly reviewed second proposal Source text for Eikon: Further company coverage: ($1 = 0.9257 euros) (Gdynia Newsroom)

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