Deals
PPG Said to Prepare New Akzo Bid After $22.4 Billion Failed
- Investor said to urge Akzo to carefully mull any new bid
- PPG, Amsterdam-based Akzo are world’s largest coatings makers
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PPG Industries Inc. is preparing a renewed takeover bid for Akzo Nobel NV, according to people familiar with the matter, taking a second run at Europe’s largest coatings company after a previous offer was rejected.
Exact details of the new proposal couldn’t immediately be learned. Akzo rebuffed PPG’s unsolicited 20.9 billion-euro ($22.4 billion) takeover bid on March 9, saying the offer -- worth 83 euros a share at the end of February -- substantially undervalued the company.