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Akzo said it became aware on Tuesday that Elliott "intended to privately share potentially price sensitive information with PPG about its decision to request an extraordinary general meeting".

Akzo said it had shared its concerns with Dutch financial authorities and called on Elliott and Pittsburgh-based PPG to "clarify their relationship and the history of the communications between the two companies". In a footnote, Singer instructed an Elliott employee to inform PPG that it had sent the letter to Akzo about the possible meeting.

"Therefore the proposed agenda item to remove Mr Burgmans will be rejected", it said in a statement.

PPG is waiting for Akzo to come under more shareholder pressure before making a new acquisition offer, one of the sources said.

Employing a multi-strategy trading approach, the firm manages approximately Dollars 32 billion in two funds for a range of investors, including pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.

Elliott and other investors have pushed Akzo to hold talks with US coatings manufacturer PPG after the Dutch company rejected a sweetened 22.4 billion euro ($24 billion) cash-and-stock proposal from PPG last month. It demanded to know what if any agreements exist between PPG and Elliott.

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Asked to elaborate, he said simply: "I would just say we view sanctions as being a very important tool, whether it's North Korea or whether it's Syria".

The activist investor, which holds a stake of 3.25% in Akzo, has said it would be responding to the allegations made by Akzo soon. The Amsterdam-based company also turned to the Dutch regulator after obtaining information suggesting Elliott meant to share price-sensitive information about the demand with PPG ahead of time.

Akzo has said it can generate more value for shareholders on its own.

Mr Burgmans and chief executive Ton Buechner say the bid undervalues Akzo.

In private meetings with shareholders, Akzo has cited McGarry's track record, as well as the antitrust risks of a potential merger, as a reason why a deal with PPG would be risky, according to the sources.

"We're not taking any options off the table", Mr. McGarry said, adding that a higher offer would hinge on "collaborative, substantive" talks between the companies.