PPG Industries Chief Executive Officer Michael McGarry said he plans to make a hostile takeover bid for Akzo Nobel if his sweetened offer of $28.8 billion doesn’t bring the recalcitrant Dutch target to the negotiating table.
PPG would take its proposal directly to investors if there is no agreement by June, McGarry said in a telephone interview. The latest offer — and PPG’s threat to go hostile — ratchets up the pressure on Akzo Nobel CEO Ton Buechner just one day before an annual meeting of shareholders, some of whom are pushing for a deal. Akzo Nobel climbed the most in six weeks after saying it would “carefully review and consider” PPG’s latest offer.
“The revised offer will be very difficult for Akzo to reject,” Jeremy Redenius, an analyst at Sanford C. Bernstein, said in a note. “The most likely outcome is that Akzo grants PPG due diligence to enable a slightly improved offer.”
Full Content: Yahoo
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