ICI rejects higher Akzo Nobel bid worth $11.57 billion

British chemicals group Imperial Chemical Industries (ICI) said Monday it had rejected an improved take-over bid from Dutch rival Akzo Nobel worth 7.8 billion pounds (11.57 billion euros, 15.81 billion dollars).
In early London trade, the share price of ICI jumped by 6.85 percent to 616.5 pence in reaction to news it had turned down the bid, which compared to a previous offer last month worth 7.2 billion pounds.
"Imperial Chemical Industries confirms that it received a further indicative proposal from Akzo Nobel under which it would acquire ICI for 650 pence per share in cash," ICI said in a statement.