Anthony Locicero, Associate editor02.08.21
Akzo Nobel N.V. submitted a binding proposal to acquire Tikkurila for €31.25 per share on Jan. 28, 2021, having conducted customary due diligence to confirm potential synergies.
The company no longer intends to pursue this acquisition, following a competing, higher, offer for Tikkurila.
Despite a strong cultural fit – and more synergies than any other combination with Tikkurila – the intended transaction no longer meets AkzoNobel’s criteria for superior value creation.
“We have clear priorities and criteria for capital allocation, including investing for growth, paying dividends, conducting acquisitions, and carrying out share buybacks," AkzoNobel CEO Thierry Vanlancker said. "The intended acquisition of Tikkurila can no longer compete with more attractive opportunities to create superior value for our shareholders and other stakeholders. Executing with discipline has been key to AkzoNobel’s transformation into a company with higher profitability and strong free cash flow. This is working well for us and part of who we are.”
