PPG has declared it is still willing to meet with AkzoNobel
PPG has declared it is still willing to meet with AkzoNobel, but without productive engagement, PPG will assess and decide whether or not to pursue an offer.
In early March 2017, PPG issued a formal proposal to AkzoNobel to form a combined company. However, following multiple revised proposals and statements between the two companies, AkzoNobel remains uninterested in combining, issuing its own standalone plan.
On 10 May, PPG issued a statement to AkzoNobel retaining that “a combination of the two companies is in the best interests of all stakeholders, including employees.”
“We put forward an enhanced, detailed and thorough proposal to AkzoNobel on April 24 that provides a significant share-price premium and offers numerous detailed commitments in the best interests of all stakeholders,” said Michael McGarry, PPG chairman and CEO in the 10 May statement. “The remaining questions raised by AkzoNobel are common negotiation points and can be quickly and reasonably resolved through an open, substantive two-way dialogue in which both parties are motivated and engaged.”
The statement concluded that PPG remains willing to meet with AkzoNobel to engage in meaningful discussions, but without productive engagement, PPG will assess and decide whether or not to pursue an offer for AkzoNobel.