PPG Reportedly Prepares New Takeover Bid For Akzo After Previous Offer Rejected

(RTTNews) - Coatings and specialty products maker PPG Industries (PPG) is preparing a renewed takeover bid for Akzo Nobel NV, after a previous offer was rejected, according to Bloomberg reported citing people familiar with the matter.

Akzo rebuffed PPG's unsolicited 20.9 billion-euros takeover bid on March 9, saying the offer - worth 83 euros per share at the end of February - substantially undervalued the company.

PPG said at the time it would carefully evaluate its position, calling the original offer an "attractive and comprehensive proposal."

One of the Dutch company's biggest, long-term investors is urging Akzo to carefully evaluate any new bid from PPG, the report said.

Elliott Management Corp., the hedge fund founded by billionaire Paul Singer, is urging Akzo to talk with PPG about raising its bid.