Elliott Advisors has launched legal action against AkzoNobel (AKZOY) in an attempt to oust its current Chairman Antony Burgmans. The hedge fund has taken the move after AkzoNobel rejected a third takeover attempt by PPG Industries (PPG - Get Report) .
Elliott claims that, by rejected the deal, AkzoNobel's board has committed a "flagrant breach" of their fiduciary duties. The suit filed in Amsterdam asks a judge to order the company to hold a meeting of shareholders in order to debate the dismissal of the Chairman.
Elliott has been pushing hard for a takeover of AkzoNobel by PPG Industries.