Netherlands-listed Akzo Nobel NV said PPG Industries Inc.'s unsolicited bid is undervalues the company, would be hard to close and features a financing plan that contains too much leverage.
'The unsolicited proposal we received from PPG substantially undervalues our company and contains serious risks and uncertainties, ' said chief executive Ton Büchner.
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The company now plans to review options for the separation of its specialty-chemicals business, which generated revenue in 2016 of EUR4.8 billion.
With a total market value of $0, PPG Industries has price-earnings ratio of 31.38 with a one year low of $89.64 and a one year high of $117.00. PPG's offer comes days ahead of an election where vulnerability of large Dutch companies to foreign takeover has been an problem.
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The rhetoric in AkzoNobel's robust rejection of the bid resembles that of Anglo-Dutch consumer goods group Unilever when it slammed Kraft Heinz's £115 billion approach last month. (NYSE:PPG) ahead of the market open as shares are gapping down -1.10% with the stock now sitting at $105.81.
The Netherlands should better guarantee the country's strategic economic interests, Finance Minister Jeroen Dijsselbloem was cited as saying by Het Financieele Dagblad on Tuesday. Now the US company is returning with an offer for the rest. PPG Industries had a net margin of 5.56% and a return on equity of 30.59%.
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Akzo said it would consider various alternative ownership structures for the specialty-chemicals business, including a new independent listed entity. It adds that the deal would threaten thousands of jobs and be detrimental to customers. Whether there are attractive parts of PPG to combine with "is not a topic for today", he said on a call with reporters. PPG's move just "pulled forward" this internal discussion, he said.