PPG Industries Inc. again boosted its offer price for Dutch paint and chemicals maker Akzo Nobel NV, extending the two companies' monthslong takeover battle.
PPG increased its cash-and-share bid to acquire Akzo Nobel to EUR96.75 (about $105.05) a share from EUR88.72. The latest offer values Akzo at about EUR24.6 billion, up from about EUR22.4 billion.
Akzo said it would review and consider the latest proposal. In response to PPG's previous offer, Akzo said last week that it had boosted its dividend payouts to shareholders and set a timeline for the separation of its specialty-chemicals division as it looked to create value.
Monday, in a letter to Akzo, PPG said its latest offer represents "one last invitation" for Akzo to reconsider its previous denials.
Some of Akzo's largest investors, including activist investor Elliott Management Corp., have been pushing the Amsterdam-based company to engage in negotiations with Pittsburgh-based PPG.
In its latest letter, PPG also promised to maintain Akzo's ties to the Netherlands, including by dual-listing the combined stock in New York and Amsterdam and committing to not relocating any of Akzo's production facilities in Europe to the U.S.
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(END) Dow Jones Newswires
April 24, 2017 08:00 ET (12:00 GMT)