Pennsylvania-based PPG Industries Inc. again sweetened its bid for Akzo Nobel NV on Monday, noting that the increased €26.9 billion ($29 billion) proposal marks its "last invitation" for deal talks and blasting the Dutch coatings and chemicals company's recently revealed standalone strategy.
In a statement today, PPG chief executive, 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".
"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".
Akzo's shares closed at 78.20 euros on Friday.
Amsterdam-based AkzoNobel said April 24 it had received "a third unsolicited and conditional proposal from PPG" to buy all outstanding share capital of the company.
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The shareholders, led by hedge fund Elliott Advisors, say Akzo should at least open exploratory talks with PPG to more closely examine their proposal. It has until June 1 to launch a public takeover offer for Akzo.
PPG's newest bid raises the price from 90 euros to 96.75 euros per share including a dividend.
In an interview just after again raising the U.S. company's offer for AkzoNobel to €96.75 a share on Monday, McGarry told the Financieele Dagblad that AkzoNobel shareholders want and deserve answers to all their questions at Tuesday's shareholders' meeting.
He added: "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". The bidder said its new offer is superior to that plan.
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".