AkzoNobel rejects PPG takeover bid

Ton Büchner, AkzoNobel’s CEO, issued an official statement saying the bid from PPG substantially undervalues the company.

Amsterdam, Netherlands — March 9, 2017 — AkzoNobel has recently rejected an unsolicited takeover bid submitted by PPG. The bid valued the company at $22 billion USD. According to an official statement from AkzoNobel, the bid “… substantially undervalues AkzoNobel and is not in the interest of its stakeholders, including its shareholders, customers and employees.” […]