April 26, 2017—AkzoNobel recently received a third unsolicited proposal from PPG for all outstanding share capital of the company.
AkzoNobel passed on the initial two bids from PPG. The majority of the proceeds from a possible sale would be returned to shareholders.
"The Supervisory Board believes that management's plan for AkzoNobel's future will deliver superior shareholder value compared to the alternatives,” said, Antony Burgmans, the chairman of the AkzoNobel supervisory board, in a statement that largely ignored PPG’s recent bid.
Last week, AkzoNobel reported first quarter results for 2017, noting that the company had record profitability, with a return on sales of 10.3 percent.