AMSTERDAM - AkzoNobel has declined a third unsolicited offer by PPG to purchase the company. The proposed offer was valued at approximately €26.9 billion, or $28.8 billion. In a statement released on May 8, AkzoNobel said that it would follow the strategy for the company outlined in April, in which it will spin off its chemicals business, stating that the plan “offers a superior route to growth and long-term value creation and is in the best interests of shareholders and all other stakeholders.”
Ton Buchner, AkzoNobel CEO, said in the statement, "As part of our fiduciary duties we conducted an extensive review of the third proposal from PPG. This process included myself and Antony Burgmans meeting with the CEO and lead independent director of PPG to understand their proposal in more detail.