AMSTERDAM (Reuters) - Columbia Threadneedle Investments, one of Akzo Nobel’s top 20 shareholders with a 0.77 percent stake, urged the company on Monday to enter exploratory talks with U.S. rival PPG Industries.
Following a raised cash and shares takeover proposal from PPG for Akzo worth about 26.9 billion euros (22.5 billion pounds) or 96.75 euros per share, Columbia said the company’s boards should drop their resistance.
“Akzo Nobel have no more room for excuses now and must enter into proper discussions with PPG,” a spokesman for Columbia said.
Akzo, which has quickly rejected proposals from PPG on two previous occasions, said on Monday it would “carefully review and consider” the latest proposal, which also offered employment guarantees and a break fee.
(This version of the story corrects spelling of Columbia in text)
Reporting by Toby Sterling; editing by David Clarke and Adrian Croft