Welcome Guest to Coatings World    Login || Register
Last Updated Friday, August 1 2014
Print

Further Proposal from Akzo Nobel Rejected by ICI



By Kerry Pianoforte



Published August 8, 2007
Related Searches: Adhesives
UPDATE:  Akzo Nobel has confirmed that it has made a further indicative proposal to the Board ICI under which Akzo Nobel would acquire ICI for 670p per share in cash. In addition, ICI shareholders would receive a second interim dividend of up to 5p per share
paid pro rata by reference to where the completion date of the proposed offer falls between July 1, 2007 and December 31, 2007.

According to published reports, the board of ICI has agreed that Akzo can undertake certain limited due diligence, which is expected to be completed within a few days.

Akzo Nobel was able to make an increased offer proposal after it had entered into an exclusive arrangement with Henkel KGaA for the sale, following completion of its proposed offer, of ICI’s adhesives and electronic materials businesses.

Akzo Nobel and Henkel have negotiated a back to back agreement relating to this proposed sale which, subject to the approval of Henkel’s Shareholders’ Committee, they would intend to execute immediately prior to the formal announcement of an offer by Akzo Nobel.

According to a statement released by Akzo Nobel, the company continues to believe that ICI would represent a highly attractive addition to its coatings business. Akzo Nobel’s increased proposal would provide ICI shareholders with a 40% premium to ICI’s share price of 464.25 pence on March 9th, 2007, the last business day prior to Akzo Nobel’s announcement in relation to the disposal of Organon BioSciences. Akzo Nobel continues to evaluate its options at this time.


blog comments powered by Disqus
Receive free Coatings World emails
Sign up now to receive the weekly newsletter, and more!

Enter your email address:
Company Spotlight
AZ Electronic Materials Co., Ltd.
No. 458-6, Sinsing Road Hu Kou Township Hsinchu Country 303, Taiwan
Hsinchu Country, Taiwan, 303
Taiwan
View Profile
Sun Chemical Corporation Performance Pigments
5020 Spring Grove Avenue
Cincinnati, OH, 45232
USA
View Profile
Lubrizol Advanced Materials, Inc.
9911 Brecksville Road
Cleveland, OH, 44141
US
View Profile
Micro Powders, Inc.
580 White Plains Rd.
Tarrytown, NY, 10591
US
View Profile
BASF Corporation
100 Campus Drive
Florham Park, NJ, 07932
US
View Profile
Houchi Chemical Co., Ltd
No.56, Fu Chow Street
Taipei, Taipei, 100
Taiwan
View Profile
Shamrock Technologies, Inc.
Foot of Pacific Street
Newark, NJ, 07114
USA
View Profile
Keeneyes
18F, No.85, Sec. 1, Chung-Shiao E. Rd.
Taipei, Taiwan, 100
R.O.C.
View Profile
Buhler Group (Nanotechnology)
13105 12th Ave. North
Plymouth, MN, 55441-4509

View Profile
Sunin Machine Co., Ltd.
No.96, Chiao Ho Rd ,Chungho Dist
New Taipei City, Taiwan , 235
Taiwan Roc
View Profile
Follow Coatings World On