Board of Dutch paint maker under pressure from US fund manager after it rejects third takeover offer.
The board of Dutch paint maker AkzoNobel faced fresh pressure yesterday when a leading shareholder claimed corporate governance at the company was a "hoax".
According to The Telegraph, US fund manager Tweedy Brown made the comment as it called on Akzo to engage with a fresh takeover bid by competitor PPG Industries.
The comments come just a day after activist investor Elliott Advisors brought a case before Dutch regulators, calling for Akzo chairman Antony Burgmans to step down after the board rebuffed PPG's third acquisition bid.
According to Bloomberg, Elliott describes Burgmans as being in "flagrant breach" of his duties in the
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