The proposal was subject to a number of pre-conditions, including completion of due diligence.
The Board of ICI considered this revised proposal and unanimously rejected it on the grounds that it failed to recognise the full strategic value of ICI.
Subsequently, ICI met with Akzo to advise that the proposal was rejected and to explore whether it could be increased. This meeting did not result in an improved proposal. Discussions are continuing, however, ICI has not granted Akzo access to due diligence information.
ICI’s results for the six months ended 30 June 2007 will be released on 2nd August 2007. The Board of ICI remains confident in the Group’s strategy and growth prospects.
As required by the Takeover Code, ICI confirms that this announcement is not being made with the agreement or approval of Akzo. For the avoidance of doubt, there can be no certainty that the approach by Akzo will lead to an offer being made for ICI or as to the terms on which any offer might be made.
A further announcement will be made when appropriate. -ICI
