AKZOY - PPG raises offer for Tikkurila past Akzo Nobel bid

PPG Industries (PPG) says it raised its takeover offer for Finnish paints maker Tikkurila to €34/share, or €1.52B including debt, topping a €31.25/share bid from Akzo Nobel (AKZOY).Some of Tikkurila's major shareholders, holding 29.3% of its shares, have agreed to accept the offer if PPG gains regulatory approvals for the deal.PPG says it also lowered its acceptance rate for the offer to 66.7% of shares from its original 90% target.In early January, PPG raised its offer for Tikkurila to €27.75/share from its original €25 bid in December 2020, when Tikkurila agreed to be taken over.The Finnish company employs 2,700 people globally and generated €564M in sales in 2019.Saying pessimism on the stock had been overdone, Bank of America recently upgraded PPG shares to Buy with a $160 price target.

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PPG raises offer for Tikkurila past Akzo Nobel bid