Akzo Nobel turned down third proposed offer from PPG

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Akzo Nobel turned down third proposed offer from PPG

The Dutch paint maker Akzo Nobel turned down third proposed offer from PPG on Monday, the rival US recently valued around $29.51bn but Akzo Nobel (AKZO.AS) commented they undervalue the PPG, which faces antitrust risks, and does not address the other stakeholder thought and concern such as differences in cultural.

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Although, many shareholders of the PPG, has pushed for two company to be merged but Akzo said, it will not discuss or engage with the US company.

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Now, PPG needs to decide whether the company will undergo to a formal bid ahead of June 1 when under the Dutch law without Akzo’s support.