PPG outbids AkzoNobel with $1.8-billion ofer for Tikkurila

摘要

Tikkurila says that its board has unanimously recommended that the company’s shareholders accept an improved tender ofer from PPG Industries of approximately €1.52 billion ($1.82 billion), or €34.00/share. The ofer represents a premium of approximately 8.8% over AkzoNobel’s competing bid of €1.4 billion or €31.25/ share submitted on 18 January. Analysts at Bernstein (London, UK) note that PPG’s proposed deal “has a high likelihood of going through,” since some of Tikkurila’s major shareholders including Oras Invest, representing a total stake of 29.34% in the company, have unconditionally agreed to sell their shares to PPG. Meanwhile, PPG says it expects the deal to close as early as March, or early in the second quarter of 2021.