In a statement on Wednesday, Elliott said it was “aware of its various regulatory obligations, including<br />obligations related to handling price-sensitive, or potentially price-sensitive, information.”<br />Akzo Nobel also called for Elliott and PPG “to clarify their relationship and the history of the communications between the two companies.”<br />PPG said on Wednesday that it had met with more than 100 investors, including Elliott,<br />since its takeover bid became public and had no agreement or arrangement with Elliott.<br />Elliott Management Seeks to Remove Akzo Nobel Chairman -<br />By CHAD BRAYAPRIL 12, 2017<br />LONDON — The hedge fund Elliott Management said on Wednesday<br />that it would seek to replace the chairman of Akzo Nobel, the Dutch paint and chemicals company, in an increasingly acrimonious fight over whether the company should discuss a takeover with its American rival, PPG Industries.<br />“Therefore the proposed agenda item to remove Mr. Burgmans will be rejected.”<br />The company also said it had learned that Elliott intended to privately share “potentially price-sensitive<br />information” with PPG; Akzo Nobel then told Dutch regulators about Elliott’s plans.<br />Since the PPG approach last month, Akzo Nobel has instead focused on its plans as a stand-alone company, including<br />bringing forward a potential spinoff of its specialty chemical arm, which had €4.8 billion in revenue last year.
