"For the Dutch (economy), it's good that the leadership of Akzo Nobel, both the management board and the supervisory board, is planning to remain independent, and I support that". This is made up of €61.50 in cash and 0.357 shares of PPG common stock.
Akzo Nobel shares jumped as much as 4.85% immediately following the improved bid before paring gains to around 4.4%, but still a record-high €81.60 each that extends their three-month gain to almost 30%.
While Akzo said then the plan had "substantially fewer risks, uncertainties and social costs" and being acquired, PPG countered on Monday that the separation would create two "unproven standalone companies with uncertain market valuations and substantial risks".
In what has already been a tetchy stand-off between the companies Mike McGarry, the PPG chief executive, said that the offer was "one last invitation" to enter talks. PPG said it represented a 24 per cent premium on Akzo's closing share price last week, €78.20. "We stand ready to work with you expeditiously to complete a targeted due diligence review and to negotiate a definitive agreement for the combination".
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The revised proposal includes an 8 percent increase over PPG's prior proposal March 22 and 17 percent over its original offer on March 2.
This latest bid follows AkzoNobel's launch of a new strategy April 19 which was aimed at reassuring company shareholders about its future profitability and growth, in which AkzoNobel's Specialty Chemicals unit will be separated into a new business unit and divested within 12 months.
"Boards have very different interests to shareholders", he added.
It is the third time that the Pittsburgh-based company has tabled an offer for Akzo, maker of Dulux paint, and comes one day before the Dutch giant's annual meeting.