The world's leading paintmaker AkzoNobel on Monday turned down a third revised offer bid from US-based rival PPG, saying it continued to undervalue the Dutch company and "demonstrated a lack of cultural understanding."
"The PPG proposal undervalues AkzoNobel, contains significant risks and uncertainties, makes no substantive commitments to stakeholders and demonstrates a lack of cultural understanding," AkzoNobel said in a statement, after PPG upped its offer last month, valuing the Amsterdam-based company at about 24.6 billion euros.