According to reports, US paint maker PPG Industries, Inc.(NYSE:PPG) has raised its bid for Dulux owner AkzoNobel for the second time in less than two months.

Reports said that the latest offer, of 96.75 euros per AkzoNobel share, is 8% more than its previous bid on 22 March, and 17% above than its first offer made on 2 March.

Meanwhile AkzoNobel has been trying to fend off the bid by revealing plans to spin off its chemicals unit and return most of the profits to shareholders.

While making the recent bid PPG Industries, Inc.(NYSE:PPG) clarified that the new offer was AkzoNobel’s last chance to agree to the deal.

“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,” said PPG’s chairman and chief executive, Michael McGarry.

“Our revised proposal represents a second increase in price along with significant and highly-specific commitments that we are confident AkzoNobel’s stakeholders will find compelling,” he added.

The improved bid, in a mixture of cash and PPG shares, would value AkzoNobel at 24.6 billion Euros which, PPG said, was a 50% premium over the Dutch group’s value as of 8 March.

The new bid is critical of AkzoNobel’s own plan, announced on 19 April, to divide the Netherlands-based group into two: one part concentrating on paint and the other on chemicals.

Furthermore PPG said: “As evidenced by the decline in AkzoNobel’s stock price since its investor update, the capital markets have not recognized any additional value from its new standalone plan, including the enhanced regular dividend and special dividend that AkzoNobel has proposed for 2017.”

“One of the more notable risks of AkzoNobel’s new standalone plan is that it creates two smaller, unproven standalone companies with uncertain market valuations and substantial risks.

“AkzoNobel’s standalone plan also will require substantial restructuring; potentially decreases free cash flow, putting future and accelerated growth plans of the demerged companies at risk,” added PPG.

PPG Industries, Inc.(NYSE:PPG)also claimed that a proposed merger of the two companies would lead to savings of at least $750 million a year for the joint firm.