PPG to Withdraw Proposal to Buy Akzo Nobel
Alert: HALISTER
Source: BFW (Bloomberg First Word)
Tickers
AKZA NA (Akzo Nobel NV)
PPG US (PPG Industries Inc)
People
Michael McGarry (PPG Industries Inc)
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UUID: 7947283
(Bloomberg) -- PPG says it will not pursue a public offer for all the issued and outstanding shares of Akzo Nobel, according to statement on Thursday.
- PPG says made final decision today after “careful consideration, including the stakeholder interests of both companies”
- “We were hopeful throughout this process that Akzo Nobel’s boards would see merits of our compelling proposal to combine our two great companies and create significant shareholder value and a more sustainable business for the future,” said PPG CEO Michael McGarry
- PPG made final attempt for engagement late last week and through a letter to Akzo Nobel
- Letter included offer to negotiate a nominal price increase as part of an agreed transaction: PPG
- Akzo Nobel did not respond to “our call or letter”
- NOTE: PPG Faces June 1 Deadline on Akzo Bid After Extension Denied
- Link to Statement:Link
Alert: HALISTER
Source: BFW (Bloomberg First Word)
Tickers
AKZA NA (Akzo Nobel NV)
PPG US (PPG Industries Inc)
People
Michael McGarry (PPG Industries Inc)
To de-activate this alert, click here
To modify this alert, click here
UUID: 7947283