The investor wants to remove Akzo Nobel Chairman Antony Burgmans due to the board’s handling of the failed PPG bid.
In the wake of the failed $27.6 billion bid from PPG Industries, Elliot Management Company is again seeking to remove AkzoNobel Chairman Antony Burgmans, according to an article from Fox Business. Elliot, which reportedly owns 9.5% of AkzoNobel’s shared capital and is one of the company’s largest investors, unsuccessfully tried to remove the chairman earlier in the year, claiming Burgmans “failed in his duties by rejecting a sweetened offer from PPG without attempting to negotiate a better deal.”
According to the article, Elliot tried to force AkzoNobel into talks with PPG and end a standoff between the two companies. AkzoNobel reportedly said PPG’s bid undervalued the company and carried "significant delivery and timing risk for shareholders, both in relation to substantial antitrust issues, pension schemes and the achievability of proposed synergies." Elliot cites shareholder dissatisfaction with the conduct of AkzoNobel’s board and the hedge fund itself has lost confidence in Burgmans, according to Fox.
