AMSTERDAM, LONDON and NEW YORK, April 24, 2017 /PRNewswire/ --
Elliott, a private investment firm founded in 1977, and its affiliates ("Elliott"), a top 5 shareholder of Akzo Nobel N.V. ("Akzo Nobel"), hereby comments on the revised proposal made today by PPG Industries, Inc. ("PPG").
Elliott is encouraged that Akzo Nobel has stated that it will "carefully review and consider" PPG's latest proposal. Elliott continues to believe that it is in the interest of all stakeholders for Akzo Nobel's Boards to accept PPG's invitation to enter into sincere and constructive discussions about a potential combination with PPG. There can be no reasonable doubt that PPG's revised proposal represents a bona fide proposal from a credible counterparty; this proposal clearly warrants sincere engagement from Akzo Nobel. The price of EUR 96.75 represents a significant premium to the value that Elliott believes Akzo Nobel would be able to achieve on a standalone basis, notwithstanding the measures and forecasts that Akzo Nobel announced at its Investor Update on 19 April, 2017.
Elliott further notes that PPG has characterized its proposal as a "last invitation". We understand from this that PPG will make no further attempts to engage in friendly discussions. There can be no assurance that a hostile bid - if one were to materialise - would include the same or improved protections and undertakings for Akzo Nobel stakeholders. Elliott therefore believes that friendly discussions now are in the best interest of all stakeholders.
Elliott Management Corporation was founded in 1977 and has one of the longest track records of any private investment fund manager operating today. Employing a multi-strategy trading approach, the firm manages approximately USD 33 billion in two funds for a range of investors, including pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Elliott Management, which is headquartered in New York, has approximately 400 employees worldwide, with offices in the U.S., London, Hong Kong and Tokyo. The firm's principal objective is to generate a return which is as high as is consistent with a goal of minimizing losses during adverse financial market periods.
SOURCE Elliott Advisors (UK) Limited