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ICI Rejects $14-Billion Bid From Akzo Nobel

2:29 PM MDT | July 31, 2007 | Kerri Walsh

ICI has rejected an informal £7.2-billion ($14.2 billion) takeover bid by Akzo Nobel. Akzo approached ICI on June 4 to discuss a possible cash offer for the company, but ICI’s board unanimously rejected the proposal “on the grounds that it significantly undervalues ICI.” The board “is very confident in the group’s strategy and strong growth prospects,” ICI adds. Analysts also say that a higher Akzo bid may not even succeed. Akzo offered ICI £6.00/share, and could go as high as £6.50/share and still make the...

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