THE potential new owner of chemical company ICI, Azko Nobel, was yesterday given more time by the UK takeover watchdog to table its formal £8bn offer for the Dulux paint maker.
The Takeover Panel has extended the deadline to allow the Dutch group, which manufactures Crown paint, to come up with a firm offer. Akzo first made a 650p-a-share offer for ICI in June, and was granted access to ICI's books earlier this week after a proposed higher offer of 670p a share.
But Akzo struggled to meet the deadline of 5pm yesterday, and was given until 10am on Monday.
If Akzo fails to meet the Monday deadline and ICI does not agree to a further extension, the group could be prevented from bidding again for six months.
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