(Reuters)Elliott Advisors, the hedge fund that has been pushing Dutch paint maker Akzo Nobel (AKZO.AS) to enter takeover talks with U.S. peer PPG Industries, said on Tuesday it had launched legal action to try to oust Akzo chairman Antony Burgmans. In an open letter, the fund said Akzo’s rejection of PPG’s (PPG.N) third takeover proposal, worth 26.3 billion euros ($28.7 billion), was “a flagrant breach of Akzo Nobel’s Boards’ fiduciary duties and of Dutch corporate law, and … an arrogant dismissal of recognized principles of proper corporate governance.”
Hedge Fund Goes to Court Seeking to Oust Akzo Nobel Chairman
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