Imperial Chemical Industries (ICI) has announced that it is to allow Akzo Nobel, the manufacturer of Sikkens coatings, to carry out limited due diligence after receiving a takeover offer of £6.70 per share from the coatings and chemicals company.
In addition to the cash offering, Akzo Nobel’s new bid would give ICI shareholders a second interim dividend of up to 5p paid pro rata from July 1 until the completion of the sale.
ICI, which includes ICI Paints and produces the Cuprinol, Xyladecor, Maxilite and Pillack ranges of wood treatments and coatings, said that the offer includes several pre-conditions, including due diligence, and that the announcement of the improved offer did not mean that Akzo Nobel would complete the transaction or on the terms stated.
