AMSTERDAM, June 2 Akzo Nobel, the Dutch
paint maker that rejected a 26.3 billion-euro ($29.63 billion)
takeover proposal from U.S. rival PPG Industries, has
sent PPG a letter, seen by Reuters, detailing specific problems
it saw with the deal.
The letter, dated June 1 and written shortly after PPG
formally dropped its pursuit of Akzo, gave
specific, quantifiable arguments for the first time in public as
to why Akzo had opposed the deal.
Many of Akzo Nobel's shareholders were unhappy with the
company's rejection of PPG's offer, which as of Thursday
represented nearly a 30 percent premium to Akzo's share price.
($1 = 0.8876 euros)
(Reporting by Toby Sterling; Editing by Greg Mahlich)