AKZOF - Akzo Nobel proposes to acquire Tikkurila for Euro1.4B

Akzo Nobel ([[AKZOF]], [[AKZOY]]) announces a non-binding proposal to acquire Tikkurila for €1.4B or €31.25 /share, representing 113% premium to Tikkurila’s volume-weighted average price for the undisturbed three-month period ending December 17, 2020 and is 13% higher than PPG offer of €27.75/share made on January 5, 2021.The proposed merger would create a strong platform for future growth, better able to serve customers with more innovative and sustainable solutions.The transaction is expected to be EPS accretive in 2022 and will be financed using existing cash and credit lines.The company will continue its current €300M share buyback program and maintains a target leverage ratio of 1-2x net debt/EBITDA.

For further details see:

Akzo Nobel proposes to acquire Tikkurila for €1.4B