04.14.17
PPG has issued the following updated statement in connection with its proposal to AkzoNobel to form a combined company:
Since PPG's proposal to combine with AkzoNobel became public, PPG has communicated with, on multiple occasions, more than 100 equity investors, mostly AkzoNobel shareholders including representatives from Elliott Advisors. Near unanimous feedback from those many meetings is AkzoNobel’s equity shareholders are disappointed by AkzoNobel’s refusal to engage with PPG and their lack of focus on shareholder concerns and value. We certainly understand and appreciate shareholders’ growing disappointment that AkzoNobel leadership has not yet met with us to discuss our compelling offer to combine the two companies for the benefit of all stakeholders.
There was no communication regarding PPG’s private proposal to AkzoNobel with any shareholders prior to AkzoNobel publicly rejecting PPG’s initial proposal on March 9, 2017. Additionally, there were no communications regarding our revised proposal with any shareholders prior to AkzoNobel’s second public rejection on March 22, 2017. There has not been any, and there are currently no agreements or arrangements, in whatever form, between PPG and Elliott Advisors. As a matter of clarification, PPG does not own and has not traded in AkzoNobel stock. PPG continues to act independently and will continue to do so.
PPG has always maintained its strict and long-standing policy of not sharing any material, non-public information and has acted in compliance with applicable laws and regulations, including those of the Netherlands, with respect to communications with any shareholders.
It would be preferable from PPG’s perspective if AkzoNobel would speak with us rather than about us. We continue to invite AkzoNobel to meet with us and strongly believe it's in the best interest of their stakeholders.
Since PPG's proposal to combine with AkzoNobel became public, PPG has communicated with, on multiple occasions, more than 100 equity investors, mostly AkzoNobel shareholders including representatives from Elliott Advisors. Near unanimous feedback from those many meetings is AkzoNobel’s equity shareholders are disappointed by AkzoNobel’s refusal to engage with PPG and their lack of focus on shareholder concerns and value. We certainly understand and appreciate shareholders’ growing disappointment that AkzoNobel leadership has not yet met with us to discuss our compelling offer to combine the two companies for the benefit of all stakeholders.
There was no communication regarding PPG’s private proposal to AkzoNobel with any shareholders prior to AkzoNobel publicly rejecting PPG’s initial proposal on March 9, 2017. Additionally, there were no communications regarding our revised proposal with any shareholders prior to AkzoNobel’s second public rejection on March 22, 2017. There has not been any, and there are currently no agreements or arrangements, in whatever form, between PPG and Elliott Advisors. As a matter of clarification, PPG does not own and has not traded in AkzoNobel stock. PPG continues to act independently and will continue to do so.
PPG has always maintained its strict and long-standing policy of not sharing any material, non-public information and has acted in compliance with applicable laws and regulations, including those of the Netherlands, with respect to communications with any shareholders.
It would be preferable from PPG’s perspective if AkzoNobel would speak with us rather than about us. We continue to invite AkzoNobel to meet with us and strongly believe it's in the best interest of their stakeholders.
