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20. Jan 2021 | Markets & Companies

Akzo Nobel proposes to acquire Tikkurila for EUR 31.25 per share

As a reaction to PPGs offer to acquire Tikkurila, Akzo Nobel has made a comprehensive non-binding proposal to acquire the Finnish company as well. The proposal includes an all-cash public offer for all issued and outstanding shares of Tikkurila at an offer price of EUR 31.25 per share and total equity value of around  EUR 1.4 billion.

To obtain merger clearance, Akzo Nobel has agreed with Hempel key terms for the sale of assets.
Image source: stevepb -  Pixabay (symbol image).

According to Akzo Nobel, this represents a premium of 113% to Tikkurila’s volume weighted average share price for the undisturbed three-month period ending December 17, 2020 and is 13% higher than the current offer made on January 5, 2021.

Agreements with Hempel

To obtain merger clearance and ensure deal certainty for Tikkurila and its shareholders, Akzo Nobel has agreed with Hempel key terms for the sale of assets, including the decorative paints business of Akzo Nobel in the Nordics and the Baltics, to be completed after closing of Akzo Nobel's proposed public offer for Tikkurila.

Thierry Vanlancker, AkzoNobel CEO, commented: “The natural combination of Akzo Nobel and Tikkurila would build on centuries of industry experience and a shared European heritage to create significant value for customers, employees, shareholders and other stakeholders. Bringing together our premium brands and leading portfolios would provide customers with a wider range of innovative products and services, including the most sustainable paints and coatings solutions.”

Just shortly before US based PPG offered to acquire Tikkurila and a number of other coatings manufacturers around the US and Europe.

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