ICI rejects 600p per share offer from Akzo Nobel
July 18, 2007
In response to the announcement today from Akzo Nobel, ICI Group PLC (“ICI”) can confirm that on 4 June 2007 it received an indicative proposal under which Akzo Nobel N.V. ("Akzo Nobel") would acquire ICI for 600p per share in cash.
The Board of ICI considered this proposal and unanimously rejected it on the grounds that it significantly undervalues ICI. The Board is very confident in the Group’s strategy and strong growth prospects.
As required by the Takeover Code, ICI confirms that this announcement is not being made with the agreement or approval of Akzo Nobel. For the avoidance of doubt, there can be no certainty that the approach by Akzo Nobel will lead to an offer being made for ICI or as to the terms on which any offer might be made.