Professor John Colley, of Warwick Business School, said PPG's new offer has given AkzoNobel little option but to engage.
While it made the revised bid public, PPG said it is not a formal offer to buy the company.
Akzo said it would review and consider the latest proposal.
"We are extending this one last invitation to you and the AkzoNobel boards to reconsider your stance and to engage with us on creating extraordinary value and benefits for all of AkzoNobel's stakeholders", CEO Michael McGarry wrote in a letter to both Akzo's CEO and Chairman.
In an attempt to address Akzo concerns over regulation, the latest PPG offer includes a break fee for if the deal is blocked.
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Akzo Nobel responded: 'Akzo Nobel confirms today it has received a third unsolicited and conditional proposal from PPG for all outstanding share capital of the company.
Last week, Akzo presented its case for remaining independent, offering shareholders 1.6 billion euros in extra dividends and detailing plans to sell or float its chemicals arm, representing a third of company sales and profits, within one year.
PPG also said it is ready to commit to a mutually agreed level of divestitures as may be reasonably necessary to meet those requirements.
Both moves, if completed, would make Akzo a less attractive target for PPG, although the USA company has said the primary reason for the takeover would be synergies of $750 million between the companies' paints and coatings businesses. If AkzoNobel refuses the offer, PPG may opt to retreat and relaunch its offer in 2018-2019 once the chemicals divestment is out of the way, forecasts the investment banking firm Jefferies. "This strategy would run the risk, however, of another potential suitor emerging". PPG fell 0.4 percent Friday to close at $105.94 in NY, giving the company a market value of $27.2 billion.