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PPG Drops Its Pursuit of Akzo Nobel [The New York Times]

PPG Industries, Inc. (PPG) 
Last ppg industries, inc. earnings: 4/27 04:20 pm Check Earnings Report
US:NYSE Investor Relations: investor.ppg.com
By CHAD BRAY JUNE 1, 2017 LONDON — The American paint and chemicals giant PPG Industries said on Thursday that it had dropped its monthslong pursuit of Akzo Nobel , the Dutch maker of Dulux paint, after failing to persuade its rival’s management to engage in merger talks. PPG had faced a deadline on Thursday under Dutch takeover rules to make a formal offer for Akzo Nobel, which had repeatedly rejected its overtures. Akzo Nobel had said that PPG’s offers undervalued the company and that PPG had done little to address its concerns about potential antitrust issues that could have derailed a merger. The decision was a victory for the Dutch company’s management, which had also faced stiff pressure to participate in takeover talks from Elliott Management, the American hedge fund founded by the billionaire Paul E. Singer, and from other shareholders. “We were hopeful throughout this process that Akzo Nobel’s boards would see the merits of our compelling prop Show less Read more
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