AFM, the Dutch financial markets regulator, has confirmed that it has received a request from PPG for an extension to the deadline by which it must submit a formal offer for AkzoNobel, according to a report published by Reuters.
PPG CEO Michael McGarry had earlier announced that he had requested the deadline be moved back from June 1 to June 14.
The request will be heard by the Netherlands’ highest court for managerial law in the Hague. The case was described by AFM spokesperson Michiel Gosens as ‘pretty unusual’.
Should PPG miss the official filing deadline, the US company will be barred from making further offers for a period of six months.