Pittsburgh-based PPG is reportedly ready to launch a second bid for Dutch paint maker Akzo Nobel NV, weeks after the rejection of the previous $22.4 billion offer.
Bloomberg, citing sources, said there were no details about the new proposal that PPG (NYSE: PPG) is expected to offer. Shares in Akzo Nobel (Nasdaq: AKZOY) were up 3 percent on the news in European markets.
The Amsterdam-based paint maker on March 9 rejected PPG's first offer, which it said had undervalued the company.
“PPG continues to believe there is a strong strategic rationale for the proposed transaction between PPG and AkzoNobel and will carefully evaluate and consider its position and path forward related to its proposal,” PPG said at the time.
In the intervening weeks, Akzo Nobel has been working on defenses against a takeover bid. And one of its stakeholders, Elliott Management, last week urged Akzo Nobel management to discuss a merger with PPG.