AkzoNobel Formally Rejects A Third Takeover Approach From PPG Industries

AkzoNobel (AKZOY) has formally rejected a third takeover approach from PPG Industries (PPG) - Get Report Monday, saying the $26 billion offer undervalues the company and demonstrates a "lack of cultural understanding".

The Dutch paints and chemicals group said it would instead focus on its strategic review plans, unveiled last month, that it feel offer "a superior route to growth and long-term value creation." Those plans include splitting the paints and coatings business from its specialty chemicals group within 12 months and returning the majority of sale proceeds to shareholders.

This article was written by a staff member of TheStreet.