THE HAGUE, Netherlands (AP) – Dutch industrial paints and chemicals company AkzoNobel has rejected a third unsolicited takeover bid from American rival PPG Industries, saying it is not in the interests of shareholders.

In a statement Monday, AkzoNobel says its plan, announced last month, to spin off its Specialty Chemicals unit within 12 months to boost growth “offers a superior route to growth and long-term value creation and is in the best interests of shareholders and all other stakeholders.”

AkzoNobel announced the shakeup after rejecting two earlier PPG bids, saying they undervalued the company.

Last month, PPG Industries upped the ante again with a third bid for AkzoNobel; a cash-and-stock deal valued at about $28.8 billion.

AkzoNobel says it rejected the latest offer after “considerable in-depth analysis” including talks with PPG’s CEO Michael McGarry.

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