(Reuters) Akzo Nobel (AKZO.AS) shareholders angered by the Dutch paint maker’s rejection of a 26.3 billion euro ($29.5 billion) takeover offer from U.S. rival PPG Industries (PPG.N) on Monday took their fight to an Amsterdam court.
British hedge fund Elliott Advisors, with support from several long-term institutional investors, will try to convince judges at the Amsterdam Enterprise Chamber to order an investigation into possible mismanagement by Akzo’s board and force an extraordinary meeting of shareholders to vote on dismissing Chairman Antony Burgmans.
