PPG raised its price by a further 8.8 per cent to take Ongurira for $11.8 billion

On February 4th PPG and Tikkurila announced that they had revised their previously announced final merger agreement.
the agreement, PPG will increase its proposed offer to acquire all outstanding and outstanding shares of DiGurilla in an all-cash transaction.
Under the revised offer, DiGurilla shareholders will receive 34.00 euros (previously 27.75 euros per share, initially 25.00 euros per share) in cash, worth about 1.52 billion euros ($11.8 billion), including debt and cash.
the latest revised deal shows PPG's determination to win, up 120 million euros (about 929 million yuan) and an 8.8 percent premium on its previous AkzoNobel offer of 1.4 billion euros.
, Mr. DiGurira received a competitive offer from AkzoNobel on January 28, 2021.
confirmed that he had held discussions with AkzoNobel early in the fourth quarter of 2020 before PPG's proposal to buy him in December 2020.
's 8.8% PPG offer of 1.52 billion euros under pPG's higher offer, and some of DiGuguilla's major shareholders, who together own about 29.34 percent of the shares, have unconditionally agreed to sell their shares to PPG, subject to regulatory approval to ensure that the improved offer is completed.
major shareholders of DiGurilla, Varma Mutual Pension Insurance, Mandatum Life Insurance Co., Ltd. and Kaleva Mutual Insurance Co., Ltd., which together account for about 9.32 percent of the company's shares, have unconditionally agreed to sell their shares to PPG.
In addition, Oras Invest Oy, one of Diguilla's major shareholders, has agreed to an unconditional and irrevocable commitment to accept the improved offer and has unconditionally agreed to sell its shares to PPG after PPG has received the necessary regulatory approval (the total shares sold to PPG represent approximately 29.34 per cent of the Company's shares).
PPG's improved offer provides higher prices per share and other enhanced terms and conditions, including an 8.8 per cent premium to AkzoNobel's competitive offer, maximizing the value of all DiGurira shareholders; La La has completed transactions before the second and third quarters of the annual peak season, enhanced transaction certainty by reducing tender acceptance standards from 90 per cent to 66.7 per cent and providing certain additional regulatory commitments, and by maintaining the integrity of the company to make the future of DiGurilla's business, staff and stakeholders more uncertain and attractive without the possibility of divestitures and misalmissing that may include certain Diguilla operations, regulatory uncertainty and the extended time required by AkzoNobel's proposal.
The four twists and turns the two giants staged a "fairy fight" DiGurilla's board said that based on price, certainty, timing and stakeholder considerations, to determine that PPG's revised offer is superior to AkzoNobel's competitive offer, DiGuguilla's board unanimously recommended that Diguilla's shareholders accept PPG's improved offer.
China and abroad combed the timeline of the takeover battle and found that it had undergone four twists and turns since it began in late 2020: on December 18, 2020, PPG first threw an olive branch to Dregurira and offered to buy DiGurira for 1.1 billion euros, an event that sparked industry debate.
January 6, 2021, the deal turned snag, with Mr DiGurira saying he had raised the offer after receiving a competitive offer from Haihong Old Man, and PPG finally agreed to add 140 million euros to the original deal, agreeing to the acquisition for about 1.24 billion euros.
January 18, 2021, another giant, AkzoNobel, appeared to "step in" and raise its purchase price by 160 million euros to buy DiGurilla for 1.4 billion euros.
akzoNobel's entry makes the race even more hot.
February 4, 2021, PPG showed its determination to raise another 120 million yuan from AkzoNobel's previous offer to take DiGurira for 1.52 billion euros.
offer for all outstanding shares began on January 15 and is expected to expire on March 15 unless PPG is extended.
PPG expects the deal to close as early as March 2021 or early Q2, under customary terms.
did Didgurira become so sought after? According to a previous results report, Diguilla's operating income rose 3 per cent to about 582 million euros (compared with 563.8 million euros a year earlier) and adjusted operating profit rose 38 percent to about 64 million euros (compared with 46.4 million euros a year earlier).
largest coatings company in Northern Europe, DiGurilla has production facilities in six countries and exports products to more than 40 countries.
decades, DiGurilla has provided customers with an outstanding product experience in the market with its strong brand, professional surface treatment products, and efficient customer service.
that more than 80% of DiGurira's income comes from Finland, Sweden, Russia, Poland and the Baltic states.
previously,
Vanlancker, Chief Executive Officer of AkzoNobel, said, "AkzoNobel's complementary geographical configuration with DiGurilla will create exceptional value, including growth opportunities for the company and its employees."
creates significant value through collective purchasing capacity, expanded production, and consolidated sales and distribution channels.
is looking forward to continuing the positive momentum and improving performance by consolidating DiGurilla's business to maintain its position as the industry's global leader.
for PPG or AkzoNobel, buying DiGurira will help make it more competitive in the market."
"From a strategic and shareholder value creation perspective, the acquisition of DiGurilla remains an attractive opportunity for PPG."
McGarry, Chairman and Chief Executive Officer of PPG, said: "Our increased offer reflects our further analysis of the synergies of potential transactions and our confidence in the value that a merger of the two companies can achieve.
Michael McGarry said, "We appreciate the assessment of the DiGuilla Board of Directors and have carefully considered both proposals, and appreciate the assessment of the Tiquarilla Board of Directors."
They correctly concluded that PPG's improved offer was clearly superior, could be completed more quickly, was significantly less complex, was more certain, and was in the best interests of DiGurilla and all its stakeholders, especially given its employees.
for the benefit of our customers, employees and community, we look forward to the merger of DiGurilla and PPG into a company earlier this year.
" the current paint market, the industry and business has become more and more blurred, simple expansion can not meet the desires of the giants, the paint industry "merger tide" has become more and more intense.
mergers and acquisitions have become an important way for giants to quickly capture the market and become bigger and stronger.