AkzoNobel reports shareholder Elliott to financial authorities following calls to remove chairman
"AkzoNobel has shared this information with the Dutch Authority for the Financial Markets (AFM) and calls on Elliott Advisors and PPG to clarify their relationship and the history of the communications between the two companies", the company said in a statement.
"It is only through engagement that Akzo Nobel can determine if PPG is prepared to bid at a level that provides adequate consideration to shareholders".
A spokesperson for Akzo told Reuters that the company will respond to the investors' request within two weeks, as stipulated by Dutch law.
It said Dutch law requires it to consider the proposal for a meeting but that it will reject any agenda item that proposes the removal of the chairman.
In a response to the allegations, sent to TheStreet by an Elliott spokesperson, the group said that "as one of the top 20 shareholders of Akzo Nobel, Elliott has, as a matter of course, met and communicated with PPG".
Elliott has been trying to ramp up the pressure on Akzo to negotiate a potential sale to U.S. manufacturer PPG Industries, after Akzo rejected an improved €22.4bn (£19bn) cash and stock offer last month.
Winning EPL will be tough, says Chelsea manager Conte
Conte, however, insists his side will treat it like any other game. "His potential's becoming a reality". Honourable mentions for goalkeeper Wayne Hennessey and Benteke, who has a known admirer in Conte.
Ski industry sees another big consolidation with Aspen deal
Aspen Skiing has long resisted consolidation with larger owners, focusing on its smaller size and mix of ultra-wealthy out-of-town visitors and ski-savvy locals.
Trump spoke by phone with Saudi King Salman
In contrast, Iran, an ally of Assad in the conflict, said it strongly condemned the missile strikes against the Shayrat air base. The Sunni rulers of Saudi Arabia are in a power struggle for regional dominance with Iran's Shiite government.
"Akzo Nobel is sending a signal that it will use all means to avert the takeover", Theodoor Gilissen analyst Joost van Beek said by phone. Elliott added that it is "aware of its various regulatory obligations, including obligations related to handling price-sensitive, or potentially price-sensitive, information". Burgmans is viewed as an opponent to the deal but Elliott has pressed the company to engage with PPG.
Elliott said it and affiliates hold a stake in Akzo Nobel of more than 3 percent, and it's backed in calling for an EGM by investors holding more than 10 percent.
The Dutch company plans to release a new strategy on April 19 for spinning off its chemicals business to increase shareholder value.
PPG Chief Executive Michael McGarry said last week that the company isn't ruling out a sweetened offer or a hostile bid for Akzo.
It was not clear what rules, if any, the shareholder and PPG might have violated.
Massachusetts gas prices jump a nickel per gallon
The state average rose 7.7 cents in a week to the Monday-morning benchmark of $2.276 on GasBuddy's Fuel Insights survey report. Crude oil surged past $50 per barrel on Friday, closing at $52.24 per barrel, the highest close of trading since March 7.
Fierce clashes rock Palestinian refugee camp in Lebanon
Palestinians in Lebanon are prohibited from working in professional jobs and have few legal protections in Lebanon. It was established in 1948, to host Palestinians displaced by Israeli forces during the establishment of Israel.
A long, tearful road to a major for Sergio Garcia
Garcia has been plagued by self doubt in the majors and once said he did not have what it takes to be a major victor . He fell out of the race on the front nine by shooting a 38, then added two more bogeys and a double through 14.
North Korea calls US strikes on Syria 'unforgivable'
Proud mother Ivanka Trump, and her husband Jared Kushner, a close aide to President Trump, put the video on social media. This stands in great contrast with the strident Russian condemnation and denial of facts on the chemical attack itself.
Trump tells newspaper Obama aide might have broken the law
Ben Rhodes dismissed the controversy swirling around Rice over the "unmasking" of Trump officials in intelligence reports. On Wednesday, she said of Trump's comments, "I'm not going to dignify the president's ludicrous charge with a comment".
NASA astronaut and 2 Russian cosmonauts return to Earth
In addition to her commanding achievements, Whitson holds the record for cumulative spacewalking time of any female astronaut. With the command swap, Kimbrough and the rest of the crew are all set to make the trip back to Earth tomorrow.
Red Sox place Jackie Bradley, Jr. on 10-day disabled list
Red Sox manager John Farrell said the team would withhold a decision on Bradley's status until he sees the doctors at home. Shortstop Xander Bogaerts is expected to rejoin the team for Tuesday's game at Fenway Park against the Baltimore Orioles.
United States attack on Syria cements Kremlin's embrace of Assad
In an appearance on "Fox News Sunday" - his first television interview since taking office as national security adviser - Gen. The objective of US policy, Haley said on NBC's Meet the Press, is "to defeat ISIS".
Ski-park operator Intrawest to go private in $944 million deal
A ski resort company that stretches from Canada's Quebec to the US state of Colorado has been acquired by the Aspen Skiing Co. Under the terms, Intrawest will be bought by a newly formed entity controlled by affiliates of Aspen Skiing and KSL Capital.
Newsreader's hilarious reaction to being caught 'daydreaming' on-air
She did, however, take to Twitter to thank followers for their support - which has been flooding in since the incident. I screw up so often during test shoots that it's a miracle we can cobble something together for a complete video.