June 2, 2017 / 2:26 PM / in a year

Akzo responds to PPG - after the takeover battle ends

AMSTERDAM, June 2 (Reuters) - Akzo Nobel, the Dutch paint maker that rejected a 26.3 billion-euro ($29.63 billion) takeover proposal from U.S. rival PPG Industries, has sent PPG a letter, seen by Reuters, detailing specific problems it saw with the deal.

The letter, dated June 1 and written shortly after PPG formally dropped its pursuit of Akzo, gave specific, quantifiable arguments for the first time in public as to why Akzo had opposed the deal.

Many of Akzo Nobel’s shareholders were unhappy with the company’s rejection of PPG’s offer, which as of Thursday represented nearly a 30 percent premium to Akzo’s share price. ($1 = 0.8876 euros) (Reporting by Toby Sterling; Editing by Greg Mahlich)

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