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ICI rejects revised offer from Akzo; counter bids may emerge.

Publication: Chemical Week
Publication Date: 01-AUG-07
Format: Online
Delivery: Immediate Online Access
Full Article Title: ICI rejects revised offer from Akzo; counter bids may emerge.(EUROPE/MIDEAST)(Imperial Chemical Industries PLC)(Akzo Nobel N.V.)

Article Excerpt
ICI has rejected a revised, preliminary takeover bid from Akzo Nobel that values ICI at 7.8 billion [pounds sterling] ($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.

ICI says that Akzo's revised proposal of 6.50 [pounds sterling]/share "fails to recognize the...

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