In a statement on Wednesday, Elliott said it was “aware of its various regulatory obligations, including
obligations related to handling price-sensitive, or potentially price-sensitive, information.”
Akzo Nobel also called for Elliott and PPG “to clarify their relationship and the history of the communications between the two companies.”
PPG said on Wednesday that it had met with more than 100 investors, including Elliott,
since its takeover bid became public and had no agreement or arrangement with Elliott.
Elliott Management Seeks to Remove Akzo Nobel Chairman -
By CHAD BRAYAPRIL 12, 2017
LONDON — The hedge fund Elliott Management said on Wednesday
that it would seek to replace the chairman of Akzo Nobel, the Dutch paint and chemicals company, in an increasingly acrimonious fight over whether the company should discuss a takeover with its American rival, PPG Industries.
“Therefore the proposed agenda item to remove Mr. Burgmans will be rejected.”
The company also said it had learned that Elliott intended to privately share “potentially price-sensitive
information” with PPG; Akzo Nobel then told Dutch regulators about Elliott’s plans.
Since the PPG approach last month, Akzo Nobel has instead focused on its plans as a stand-alone company, including
bringing forward a potential spinoff of its specialty chemical arm, which had €4.8 billion in revenue last year.