AMSTERDAM, March 23 (Reuters) - Fund manager Elliott Advisors, which owns 3.2 percent of Akzo Nobel, on Thursday criticised the Dutch paint maker for disregarding the views of an “overwhelming margin” of its shareholders by refusing to meet with U.S. suitor PPG.
“Akzo Nobel’s shareholders advocate engagement by an overwhelming margin,” the investor said in a statement after PPG’s Chief Executive Michael McGarry, in Amsterdam to lobby for the deal, said he wanted to meet Akzo’s board.
Akzo’s Chief Executive Ton Buechner told Reuters on Wednesday that he would not meet McGarry during his visit to the Netherlands, since PPG’s offer did not merit engagement.
Reporting By Thomas Escritt. Editing by Jane Merriman