PPG Industries to acquire Akzonobel for EUR26.9 billion


PPG Industries Inc., has just submitted its revised proposal to Akzonobel against its merger plans.

According to a message on Thomson Reuters Eikon, the revised proposal includes increased price of eur 96.75 (cum dividend) per Akzonobel ordinary share, an increase of eur 6.75 per share.

PPG Industries Inc., said it is prepared to commit to a significant reverse break-up fee to demonstrate confidence that required antitrust approvals can be obtained

The proposal includes assumption of net debt and minority interests, proposed transaction is now valued at approximately eur 26.9 billion, or $28.8 billion

The company said “PPG believes its revised proposal is vastly superior to Akzonobel’s new standalone plan, as articulated on April 19, 2017”.

Revised proposal provides additional details, significant commitments to ensure combined business serves best interests of akzonobel stakeholders

PPG’S revised proposal is comprised of cash of eur 61.50 and 0.357 shares of PPG common stock.

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