Akzo Given Until August to Make Formal Bid for ICI

The U.K. Takeover Panel (London) has ruled that Akzo Nobel must make a formal offer for ICI by August 9, or it will be restricted from making an offer for six months. The ruling was issued in response to a request from ICI, and both companies have accepted the ruling, according to a statement from the U.K. Takeover Panel. ICI rejected a £7.2-billion ($14.2 billion) takeover bid by Akzo last month (CW, June 27, p. 8). Akzo approached ICI on June 4 to discuss a possible cash offer for the company, but ICI’s board unanimously rejected the proposal saying...

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