PPG Industries ups bid for Akzo Nobel to $28.8B

528006738 PPG Industries building in Downtown Pittsburgh

United States paint maker PPG Industries raised its proposed offer for Akzo Nobel by about 8 percent to 26.9 billion euros ($28.8 billion) on Monday, increasing the pressure on its Dutch rival to enter into talks. This is made up of €61.50 in cash and 0.357 shares of PPG common stock. It previously offered to buy Akzo Nobel for $22 billion, but the bid was rejected. But it has come under pressure from Elliott Management, the US hedge fund founded by billionaire Paul E. Singer, and other shareholders to engage with its suitor.

Akzo Nobel, which bought ICI in 2008, employs 3,500 staff while PPG has 10 manufacturing and RD sites.

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He said PPG believed the deal would add to its earnings from the first year and given the support from Akzo shareholders, the USA firm would submit a formal offer to the Dutch financial markets regulator by June 1, regardless of what Akzo does.

PPG, anticipating an objection from Akzo, said it would be willing to pay a "significant" breakup fee to the Dutch company if antitrust regulators block the transaction.

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"We are extending this one last invitation to you and the AkzoNobel boards to reconsider your stance and to engage with us", PPG Chief Executive Michael McGarry said in a statement on Monday.

"Despite your rejections, private and public, of our invitations to date, we are confident you will find that a combination of our two companies will be beneficial to your stakeholders - and more beneficial than the revised strategy that you recently announced in response to our proposals", he added. Additionally, PPG has agreed to protect pensions, jobs, and the Dutch firm's European headquarters.

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"If they don't, PPG is very likely to take this directly to shareholders". Activist shareholder Elliott Management has been pressing the two paints producers to enter negotiations.

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