PPG now has until June 1 to decide if it wants to table a formal bid without the support of Akzo's board, effectively turning the takeover attempt hostile.
The Dutch company has presented a clear strategy to increase shareholder returns for this year, and PPG's proposal does not match such commitments.
PPG CEO Michael McGarry told the FD earlier that should AkzoNobel turn down PPG's "friendly" offer, the USA company would launch a hostile bid.
In a statement, PPG continued to assert that its offer was "vastly superior" to Akzo's plans.Moreover, it lashed out at Akzo management for not really talking over the deal with PPG.
Akzo, the maker of Dulux paint, said it will now focus on its own strategy to accelerate growth and value creation, which includes creating two businesses to enhance profitability: paints and coatings and specialty chemicals. However, PPG has boasted that the offer is 50% higher than the value of Akzo's shares back in March before the first offer was made public.
It recovered slightly, but was still down 2.8 percent to 77.16 euros a share in early afternoon trading. Morgan Stanley said in a note that "we think the shares are likely to fall to mid-70s this morning, as the market adjusts to a lower probability of a successful transaction".
The bid comes just weeks after PPG raised its offer to buy Akzo for the second time.
Akzo Nobel also plans to sell or list its chemicals business, which accounts for about a third of its sales and profits, within 12 months.
However, Akzo is studying several scenarios about how to move forward, mindful that several of its shareholders want it to engage with PPG in negotiations. Akzo addressed less tangible "stakeholder" interests in more detail in its statement, saying said that PPG had not offered Akzo representatives sufficient representation on PPG's board to safeguard its interests after a potential acquisition.
Although such a request is allowed under Dutch law, Akzo refused, saying it would not be in the company's best interest.
This means that PPG would approach AkzoNobel shareholders - almost 50% are American - directly.
Storming its European takeover target with an all-out $27 billion hostile bid would be too risky for paint group PPG.
The Dutch economic affairs minister has openly opposed an Akzo Nobel takeover amid rising nationalist sentiment in the Netherlands, and some of its Dutch employees are concerned that USA ownership would lead to job losses.
Say what you like about John Daly, but golf is a more colourful sport with him involved. "That's all that matters". I had my opportunities to flip the score on holes but never could do it. "That first win is always special".
On Sunday , morning fog and moderate wind is expected to give way sunny skies with a high temperature of 62 degrees. The 30 percent chance for showers ends Wednesday night , with clearing skies and a low around 44.
Pope Francis is set to meet Donald Trump on May 24 with both having opposing views on immigration, refugees and climate change'. The Pope said he was ashamed when he heard the name of the US most destructive non- nuclear bomb, reports said.
The 17th-ranked Mladenovic is 2-0 lifetime against Davis, including a 6-3, 6-3, win in Indian Wells in March. Sharapova made her return to tennis after a 15-month ban with a wild card at last month's Stuttgart Open.
A USA official and an official from the Iraqi government said this week that talks about keeping US troops in Iraq were ongoing. Government forces launched a major offensive to recapture Mosul, the last major urban stronghold of Isis in Iraq, in October.
Environment Canada issued a statement about frost on Sunday morning, for Sunday night and into Monday morning. Any accumulations will be very light and remain confined to non-paved surfaces in the highest terrain.
With no major company able to work with the Balls, LaVar made a decision to put up his own shoe brand - Big Baller Brand . LaVar Ball reportedly met with major shoe companies Nike, Adidas and Under Armour before selling the shoes independently.
Mr Story, the man behind Story Homes and story Contracting, sits at number 748 in the list with a recorded fortune of £150m. It also showed that 19 of the country's mega rich have seen their wealth grow in the past year by a billion pounds or more.
They are playing to be the first Predators team to win the first two series and play for a Western Conference title. Jaskin put the Blues in front at 5:43 of the second period, banging home a rebound off an Alex Pietrangelo shot.
WeChat is the most popular messenger app in China and is widely used by Chinese nationals living overseas. It is not clear how many Russia-based users the app has.
Conte comments on Costa speculation
The gap now stands at four points, however Chelsea face Middlesbrough at Stamford Bridge on Monday night. For this reason, when you are able to reach a result, I think this joy invades your body.
Syrian FM says no foreign troops on the ground
Earlier, Foreign Minister Walid Muallem rejected any role for United Nations or worldwide forces in monitoring the zones. Assad's government controls all but six districts of Damascus: Barzeh, Qabun , Jobar, Tishrin, Tadamun, and Yarmuk camp.
Afghan air force pounds area after death of IS commander
Earlier Afghan president Ashraf Ghani in a statement confirmed the killing of IS Khurasan leader in eastern Nangarhar province. He died 10 days ago in an joint special forces operation in eastern Nangarhar province, the USA military said.
82 released Chibok schoolgirls arrive in capital
UNICEF has commended the federal government for the release of 82 Chibok schoolgirls abducted by Boko Haram insurgents. There was no comment yet from the Nigerian presidency or Boko Haram, an extremist group linked to the Islamic State.
Delhi government had opposed metro fare hike
It would rise further to Rs 40 from October 1, when the second phase of the hike will be rolled out. As per reports, the new minimum fare will be increased from the present Rs 8 to Rs 10.
Home Ministry asks AAP to explain overseas funding
"I want Arvind Kejriwal and his deputy Manish Sisodia to introspect how many times they have lied to the people of Delhi". Mishra also wondered if his ouster was linked to the exposure on the tanker scam which he was scheduled to make on Sunday.
85-year-old aiming to be oldest Everest climber dies
Without the help of the Sherpas it will be nearly impossible for foreign mountaineers to reach the peaks of the high Himalayas. May is the best month to climb Everest and there are at least a couple of windows of favorable weather on the summit.
Kershaw, Bellinger lead Dodgers to 10-2 win over Padres
Dodgers: RHP Brandon McCarthy (3-0, 3.10 ERA) looks to continue his dominance of the Padres to cap the three-game series. Sergio Romo (1-1) got the final two outs of the sixth with the bases loaded for his first victory with the Dodgers.
Barcelona face tough Villarreal in La Liga
However, it mattered little as Real maintained their flawless La Liga record in nine games without Ronaldo this season. Barcelona holds the tiebreaker over Madrid, but Madrid has three matches to play after this round to Barcelona's two.
Sidney Crosby not ruled out for Game 5, skates with Penguins
The Ducks kicked off their comeback thanks to this non-goaltender interference call on Ryan Getzlaf's tally to begin the second. If Washington is to have any hope of a comeback, it must play smarter, more disciplined and stop shooting itself in the foot.