Trian Partners Activist Presentation Deck
Management's Decision to Attempt a Hostile Takeover Was Flawed
On March 8, 2017, PPG made an unsolicited offer to acquire Akzo Nobel (“Akzo”) for €83/share in cash
Over the next 3 months, PPG engaged in a series of aggressive takeover attempts that included two formal
bid increases, with a public commitment to increase the bid a third time if Akzo was willing to engage
Throughout this period, we believe management demonstrated lapses in judgment:
■
I
Management underestimated Dutch corporate governance defense mechanisms designed to protect against
hostile takeovers (Stichting)
Management acted without regard to traditional merger / negotiation decorum
After reporting a solid first quarter in April 2017, PPG reported a significant top-line miss in Q2, suggesting
that management was completely distracted by the Akzo takeover attempts
$115.00
$113.00
$111.00
$109.00
$107.00
$105.00
$103.00
$101.00
$99.00
3/1/2017
PPG Share Price: March 1-August 1, 2017
PPG issues statement
confirming Akzo Board
will not engage in talks
Akzo rejects initial
proposal
Source: Company press releases, news articles.
Increased bid to
€90 / share
PPG confirms unsolicited
bid of €83 / share for Akzo
4/1/2017
Increased bid to
€96.75 / share
5/1/2017
6/1/2017
PPG withdrew
its bid; stock
increased ~3%
7/1/2017
Q2 earnings
miss
-6% drop
8/1/2017
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