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ICI Rejects Revised Offer from Akzo; Counter Bids May Emerge

1:03 PM MDT | August 8, 2007 | Ian Young

ICI has rejected a revised, preliminary takeover bid from Akzo Nobel that values ICI at £7.8 billion ($15.8 billion). Akzo had not announced by CW’s press time whether it would increase its offer or launch a hostile bid for ICI. Counter bids for ICI could also emerge—including possible offers from BASF, Dow Chemical, or DuPont—reports say. Akzo, meanwhile, has agreed to sell two ICI businesses to Henkel, if Akzo succeeds in buying ICI. McAdam: ‘Cordial and professional’ talks. ICI says that Akzo’s revised proposal of...

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