Akzo Nobel Confirms EUR 1.4 Bln Offer For Tikkurila

(RTTNews) - Akzo Nobel N.V. (AKZOY.PK, AKZOY) confirmed Thursday that it has submitted a binding proposal to acquire Tikkurila for 31.25 euros per share, representing a total equity value of about 1.4 billion euros.

On January 18, 2021, AkzoNobel said it had made a comprehensive non-binding proposal to acquire Tikkurila and invited the Board of Directors of Tikkurila to enter into negotiations with a view to reaching agreement on a recommended voluntary public cash tender offer.

Akzo Nobel said Thursday that the making of the potential tender offer, if any, depends on the satisfaction of pre-conditions. If the process advances quickly, an offer could be announced in February and AkzoNobel would envisage the offer period to begin as soon as possible in March. The transaction would be expected to be completed during 2021.

The proposed transaction is expected to be earnings per share accretive in the first year and value creating in the medium-term.