Shareholders piled pressure on Dutch paint maker Akzo Nobel (AKZO.AS) to open talks with U.S. rival PPG Industries (PPG.N) on Wednesday after Akzo rejected a revised 22.7 billion euro takeover offer as too low, too risky and a bad fit culturally. - From Reuters
"This is not solely about price," CEO Ton Buechner said in an interview with Reuters, saying that the leverage the combined companies would carry after a merger and "execution risks" also played a role in rejecting the offer.
"We believe the revised proposal presents an opportunity for Akzo Nobel's shareholders to realize extraordinary value, by any measure, for their shares in Akzo Nobel," said PPG Chairman and CEO Michael McGarry.
"Elliott is disappointed by Akzo Nobel's conduct in relation to PPG's bids, and concerned that Akzo Nobel appears to be ignoring the will of shareholders which seem to strongly support engagement with PPG," it said in a statement.
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