AkzoNobel Declines PPG Proposal - Quick Facts

(RTTNews) - AkzoNobel (AKZOY.PK, AKZOY) announced it has declined a third conditional proposal submitted by PPG Industries on April 24, 2017, for all outstanding ordinary shares in the capital of AkzoNobel. AkzoNobel's analysis concluded that PPG's proposal undervalues the company.

Ton Buchner, AkzoNobel CEO, said: "The PPG proposal undervalues AkzoNobel, contains significant risks and uncertainties, makes no substantive commitments to stakeholders and demonstrates a lack of cultural understanding."

AkzoNobel has concluded its own strategy, presented on April 19, 2017, offers a superior route to growth and long-term value creation. The company said its strategy contains a clear road map to value creation with a commitment to increase shareholder returns for 2017, create two focused businesses within 12 months and increased financial guidance for 2020.