International. AkzoNobel announces that it has rejected a third unsolicited, non-binding and conditional proposal submitted by PPG Industries on April 24, 2017, for all outstanding common shares in akzoNobel's capital.
AkzoNobel has concluded its own strategy, presented on April 19, 2017, offering a superior route for long-term growth and value creation which they consider to be in the best interest of shareholders and all other stakeholders.
"This decision follows an in-depth analysis of PPG's proposal by AkzoNobel's Supervisory Board and Board of Directors, working closely with its financial and legal advisors. As part of this process, on May 6, 2017, Ton Büchner, CEO, and Antony Burgmans, Chairman of the Executive Board of AkzoNobel, met with Michael McGarry, President and CEO, and Hugh Grant, Independent Independent Director of PPG.
In fulfilling its fiduciary duties, the absolute focus of the Boards has been to determine whether PPG's proposal fits with AkzoNobel's strategic objectives, is in the best interest of the company and creates long-term value for shareholders.
After extensive consideration, the company has concluded that the interests of shareholders and other stakeholders are best served by its own strategy to accelerate growth and value creation.
"PpG's proposal subvalues AkzoNobel, contains significant risks and uncertainties, does not make substantial commitments to stakeholders, and demonstrates a lack of cultural understanding," said Ton Buchner, CEO of AkzoNobel.
