🔮 Better than the Oracle? Our Fair Value found this +42% bagger 5 months before Buffett bought itRead More

Survey shows 75% chance PPG walks away from Akzo Nobel

Published 05/11/2017, 11:38 AM
© Reuters.  Survey shows 75% chance PPG walks away from Akzo Nobel
PPG
-
SQ
-
  • A Bloomberg survey of 24 M&A/event driven desks, analysts, fund managers and brokers predicts a ~75% chance that PPG Industries (PPG -1.1%) will walk away from its attempt to buy Akzo Nobel (OTCQX:AKZOF, [[AKZOY]).
  • Louis Capital risk-arbitrage analyst Ben Kelly says PPG tends to be extremely disciplined and that upping the ante for Akzo would just be bidding against themselves; North Square (NYSE:SQ) Blue Oak's Mario Russo says PPG could wait for the specialty chemicals business spinoff and for the market to recognize its value, which could take up to two years.
  • CEO Michael McGarry said yesterday that PPG was considering whether to drop its pursuit of Akzo, suggesting for the first time that the company may end its attempts at a takeover; June 1 is deadline under Dutch law for PPG to make a tender offer to Akzo shareholders.
  • Source: Bloomberg First Word
  • Now read: Versum Materials Post Spin-Off


Original article

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.