Imperial Chemical Rejects Takeover Bid

Imperial Chemical Industries PLC rejected a sweetened $15.8 billion takeover bid by Akzo Nobel NV on Monday, saying the higher offer was still not enough. Its shares rose nearly 7 percent.

ICI, the maker of Dulux paints, said that the two companies are still in talks after it rejected the 7.8 billion pound offer - or 650 pence ($13.15) per share - but that it had not opened its financial books to Akzo for inspection.

ICI said its board agreed unanimously that the offer "failed to recognize the full strategic value of ICI."

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- Posted: 2007-07-30 10:38:08

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