Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Court Denies PPG Request for More Time to Bid for Akzo

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Court Denies PPG Request for More Time to Bid for Akzo

Article excerpt

A financial court in The Netherlands has denied PPG's request for more time to submit a formal bid for Amsterdam-based paints company AkzoNobel, meaning the Pittsburgh company has to decide by Thursday whether to launch a hostile takeover attempt or walk away from a proposed deal that would create the largest coatings business in the world.

PPG said it was notified Tuesday that the Dutch Authority for the Financial Markets would not extend the June 1 deadline by which PPG has to file a draft for a public offer for all of Akzo's shares. PPG had asked the Dutch agency to move the deadline to June 14 or 15.

The Downtown-based company said in a statement that it "will continue to assess all of its options."

PPG's board met on Tuesday but no details were provided about the meeting.

Since March, PPG has made three unsolicited offers for the Dutch paints maker, all of which were rejected. …

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