Amsterdam, July 30 - Dutch chemical group Akzo Nobel NV said on Monday that ICI had rejected its new takeover offer valuing the UK chemical company at 650 pence per share.
Akzo Nobel said it had teamed up with Germany's Henkel for the offer and that ICI had considered that the offer did not reflect its full value.
In June, Akzo Nobel had make an indicative offer of 600 pence a share, which ICI also rejected as too low. The UK Takeover Panel had set an Aug. 9 deadline for Akzo to make a firm bid or walk away.
Akzo said it still saw ICI as a good fit for its coatings business but added: "There can be no certainty that any further proposal will be made to the board of ICI or that any offer or transaction will result."
"Akzo Nobel is evaluating its options. Whilst discussions continue, Akzo Nobel will remain financially disciplined," it said.
Akzo Nobel shares ended at 60.59 euros on Friday and ICI at 577 pence.