PPG is said to be preparing a second bid for specialty chemicals supplier AkzoNobel, after the first was roundly rejected, according to a report published by Bloomberg Market Watch.

AkzoNobel claimed that PPG’s first US$22.1 billion bid ‘substantially undervalued’ the company, However, the bid prompted the Dutch ingredients firm to announce a review of strategic options for its Specialty Chemicals unit.

A spokesperson for AkzoNobel revealed to Bloomberg that the company was yet to receive a further offer from PPG. However, activist investor Elliott Management Corp is said to be pushing AkzoNobel to engage in talks.