PPG submits revised proposal to AkzoNobel to combine companies

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Algemeen advies 24/04/2017 13:35
Creates significant value for shareholders of both companies
· Revised proposal includes increased price of Eur 96.75 (cum dividend) per AkzoNobel ordinary share, an increase of Eur 6.75 per share

· One last invitation to AkzoNobel boards to work with PPG on creating value for shareholders and other stakeholders of AkzoNobel

· PPG is prepared to commit to a significant reverse break-up fee to demonstrate confidence that required antitrust approvals can be obtained

· PPG believes market reaction to AkzoNobel’s new strategic plan confirms that PPG’s proposal offers higher value creation

· Revised proposal provides additional details and significant commitments to ensure the combined business serves the best interests of all AkzoNobel stakeholders

PITTSBURGH, April 24, 2017 – PPG (NYSE:PPG) today announced that it submitted a revised proposal on April 24, 2017 for a combination with Akzo Nobel N.V. (AKZA.AS; AKZOY). The comprehensive proposal letter, which was provided to Messrs. Antony Burgmans, Chairman of the Supervisory Board and Ton Büchner, Chief Executive Officer and Chairman of the Board of Management, detailed PPG’s increased price of Eur 96.75 (cum dividend) per outstanding ordinary share of AkzoNobel, comprised of cash of Eur 61.50 and 0.357 shares of PPG common stock. Including the assumption of net debt and minority interests, the proposed transaction is now valued at approximately Eur 26.9 billion, or $28.8 billion.

In the letter, PPG Chairman and Chief Executive Officer Michael McGarry said, “We are extending this one last invitation to you and the AkzoNobel boards to reconsider your stance and to engage with us on creating extraordinary value and benefits for all of AkzoNobel’s stakeholders.

“Our revised proposal represents a second increase in price along with significant and highly-specific commitments that we are confident AkzoNobel’s stakeholders will find compelling. We stand ready to work with you expeditiously to complete a targeted due diligence review and to negotiate a definitive agreement for the combination.”


AkzoNobel responds
April 24, 2017
Akzo Nobel N.V. (AkzoNobel) confirms today it has received a third unsolicited and conditional proposal from PPG for all outstanding share capital of the company. In accordance with its fiduciary duties and acting under the Dutch governance code the Board of Management and Supervisory Board of AkzoNobel will carefully review and consider this proposal.




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