ICI tells Akzo to "put-up-or-shut-up"
Following Netherland's-based Akzo Nobel's 600 pence a share offer for the UK chemical company Imperial Chemical Industries, which the latter rejected as significantly undervaluing the firm (Marketletter June 25), ICI has requested that the Takeover Panel issue the Dutch group with a "put-up-or-shut-up" order.
ICI's main shareholders have said that any offer of more than 700 pence would be considered. Akzo Nobel, which has accumulated a cash pile from the sale of its Organon unit to US major Schering-Plough for $14.4 billion (Marketletter March 19) has said it will not overpay for ICI, but has not come up with a revised offer.
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