AMSTERDAM – Akzo Nobel's Chief Executive Ton Buechner said on Wednesday he was not planning to meet or talk with Michael McGarry, his counterpart at U.S. suitor PPG Industries , when McGarry visits Amsterdam this week.
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Akzo rejected an improved 22.7 billion-euro ($24.51 billion)takeover offer from PPG as insufficient on Wednesday, prompting calls from several shareholders for the companies to enter talks.
Asked whether he would be willing to meet with McGarry when he travels to Amsterdam to lobby for the deal, Buechner said he is not planning to do so.
"The present proposal does not warrant Akzo Nobel's engagement with PPG," Buechner said in an interview with Reuters.
(Reporting by Toby Sterling; Editing by Greg Mahlich)