PPG is reportedly ready to launch a second bid for Dutch paint maker Akzo Nobel NV, after the rejection of the previous $22.4 billion offer.
Pittsburgh-based PPG is reportedly ready to launch a second bid for Dutch paint maker Akzo Nobel NV, weeks after the rejection of the previous $22.4 billion offer.
Bloomberg said there were no details about the new proposal.
Shares in Akzo Nobel (Nasdaq: AKZOY) were up 3 percent on the news in European markets.
Akzo Nobel NV - on March 9 – rejected PPG's first offer, which it said had undervalued the company.
In the following weeks, Akzo Nobel has been working on defenses against a takeover bid. One of its stakeholders, Elliott Management, last week urged Akzo Nobel management to discuss a merger with PPG.
Sources: www.bizjournals.com