Akzo has said that the bids undervalued the company and, until this past weekend, refused to sit down with PPG.
PPG may decide to proceed with a conditional hostile offer in the hope that relentless drubbing of Akzo for its stubborn refusal to consider what its shareholders want will eventually force the stichting to capitulate.
PPG Industries shares were down more than 1% in morning trading Monday.
PPG noted that it had attempted the third and last "friendly" takeover bid, and now has a choice of either triggering a hostile takeover or withdrawing altogether.
"We have a strong track record of delivering on our commitments and are fully focused on accelerating growth momentum and enhanced profitability with the creation of two focused, high-performing businesses - Paints and Coatings and Specialty Chemicals - which will lead to a step change in growth and long-term value creation for shareholders and all other stakeholders".
"AkzoNobel has outlined a compelling strategy to accelerate growth and value creation which we believe will deliver significant long-term value for our shareholders and all other stakeholders".More news: Conrad Hilton arrested for alleged car theft in Los Angeles
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Buechner told reporters he and Akzo Chairman Antony Burgmans met PPG Chief Executive Michael McGarry on Saturday but would not give details of what was discussed, saying only that it was "cordial and respectful". The chemicals business, which accounts for about a third of sales and profits, will be sold or floated within 12 months.
At Akzo Nobel's annual shareholders meeting on April 25, institutional shareholders and Dutch shareholder groups voiced dissent about Akzo's failure to at least talk with PPG, but there was no vote on the matter.
Akzo Nobel also aims to increase shareholder returns by... No timeline has been set for Akzo's response to PPG.
The Dutch public shareholding is just 8 per cent in AkzoNobel, while Anglo-American investors hold about 65 per cent, with 48 per cent held by North Americans and 17 per cent held by British.
Pittsburgh-based PPG initiated its courtship of Akzo at the start of March, offering EUR83 a share and sweetening the bid to EUR88.72 a share by the end of the same month.
"Specifically, the AkzoNobel chairs stated up front that they did not have the intent or authority to negotiate", PPG said, adding Monday's decision "reflects a continued lack of proper governance" by the company's board.