The activist investor Elliott Management could use an obscure Dutch corporate rule to force the chemicals giant Akzo Nobel to consider a €22.37 billion ($24.19 billion) bid from its American rival PPG Industries, The Wall Street Journal reports.

Amsterdam-based Akzo Nobel has rejected PPG’s latest offer, which comes just weeks after its initial €83-a-share bid. Akzo Nobel continues to believe the offer undervalues the company and is refusing to talk with the bidder.