Akzo (AKZOY) said in a statement the new non-binding PPG (PPG) proposal made on March 20 was worth 88.72 euros per share in cash and shares, up from a first offer on March 9 worth 83 euros per share which had valued the company at $22 billion.

Shares in the Dutch company, best known for its Dulux paint brand, were trading down 2.5% at 74.67 euros at 0815 GMT.

Pittsburgh-based PPG, which said after its initial rejection it was confident it could reach a deal with Akzo, could not immediately be reached for comment on Wednesday.

Dutch politicians including Economic Affairs Minister Henk Kamp had publicly opposed PPG’s first proposal, saying it was not in the interests of the country.

That proposal was made on the eve of a March 15 national election in which nationalist sentiment played a prominent role and politicians have voiced concerns about possible foreign takeovers of Dutch companies.

On Monday, four provincial governors also spoke out against an Akzo takeover, saying it would hurt Dutch jobs.

Akzo said on Wednesday the second unsolicited proposal did not address its initial concerns which included the valuation, risks the deal might not be accepted by regulators, the leverage of the merged company and job losses.

Akzo’s boards unanimously rejected the new offer and reiterated that they would prefer to pursue their own strategy of selling or floating the company’s chemicals division.

CEO Ton Buechner said Akzo is “best placed to unlock value within the company ourselves.”

Several of the company’s shareholders have said they see strategic merit in a deal and encouraged management to engage in talks with PPG.

Akzo Nobel officials went on the road last week to shore up support from investors.

Buechner said Akzo would “provide updated financial guidance and hold an upcoming investor event soon.”