Written by StockNews.com

PPG Industries, Inc. (NYSE: PPG) confirmed today that it submitted a second takeover offer to Akzo Nobel N. V. (PINK:AKZOY), which was quickly rebuffed by the Dutch coatings and chemicals maker.

The 90 euro per share offer price was reportedly for 57.50 euros in cash, and 0.331 of a share in PPG stock. In total, it was a €7.00 per share increase from PPG’s initial offer. Including the assumption of net debt and minority interests, the proposed transaction value was €24.5 billion, or $26.3 billion.

The company apparently isn’t finished its pursuit of Akzo Nobel, commenting via statement:

PPG is ready to move swiftly and is in a position to complete a confirmatory due diligence simultaneously with the negotiation of a merger protocol with a view to come to a recommended transaction within a short period of time. PPG expects such merger protocol to be customary for transactions of this nature, in particular with respect to non-financial covenants relating to employees, integration, governance, strategy, organization and post-closing restructurings.

Pittsburgh-based PPG is a leader in the coatings and specialty materials industry, with over $15 billion in sales in 2016.

...Year-to-date, PPG has gained 10.12%, versus a 4.61% rise in the benchmark S&P 500 index during the same period.

PPG currently has a StockNews.com POWR Rating of B (Buy), and is ranked #27 of 68 stocks in the Chemicals category.