Elliott Advisors Launches Legal Action to Oust AkzoNobel's Chairman

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.

This article was written by a staff member of TheStreet.