US-based PPG Industries has one more day to make another takeover bid for Dutch rival AkzoNobel after having an extension request rejected.
If PPG does not make another offer for Dulux maker Akzo on 1 June, it will have to wait at least another six months before doing so under takeover rules.
PPG had applied for the deadline to be extended to 14 June. It confirmed this had been rejected in a statement on Tuesday night:
PPG was notified late today by the Dutch Authority for the Financial Markets (AFM) that it did not grant PPG’s request for an extension. PPG will continue to assess all of its options including whether or not to file a preliminarily draft offer memorandum with the AFM by no later than 1 June 2017, relating to a public offer for all the issued and outstanding shares of AkzoNobel. PPG will make further announcements if and when it is appropriate.
Akzo has come under pressure from shareholders in recent months over its handling of three rejected takeover offers from PPG.
In a boost for the Dutch firm, a domestic court ruled earlier this week that it was not required to hold an extraordinary shareholder meeting, requested by investors including Elliott Advisors, to vote on the dismissal of chairman Antony Burgmans.
This was a blow to PPG, with Burgmans being seen as one obstacle to a deal.
PPG has made three offers, the last of which valued Akzo at €26.9bn (£23.4bn).