ICI today insisted that the “door remained open” to the Dutch predator Akzo Nobel as quarterly results from the UK chemicals giant reflected the potential value of the business.

ICI rejected an improved £7.8 billion indicative proposal from Akzo on Monday and the Dutch chemicals group has until August 9 to table a formal bid or walk away under a Takeover Panel deadline.

Akzo’s 650p per share offer followed an initial proposal of 600p per share in June.

The two sides are thought to be about 20p apart in terms of the indicative share price at which ICI might open its books and allow Akzo to review financial information.

Alan Brown, ICI's chief financial officer, said that the talks between the two companies were “civil”.

But he added: “Our shareholders would have lynched us if we had accepted 600p. And with 650p we felt that, taking the view of shareholders as a whole, we had to be firm as well.

“At this stage, we think 650p is not acceptable.”

“The door is open, it always was and we will wait and see what happens. Discussions are continuing.”

He refused to comment on speculation that US rival Dow Chemicals may gatecrash the bid talks.

Results from ICI, home to Dulux paints, revealed that adjusted pre-tax profits in the second quarter rose 13 per cent to £154 million, ahead of City expectations, despite higher raw material costs.

The company said trading had been buoyant across Asia, Latin America and Continental Europe. Paint sales in the first six months to the end of June rose 19 per cent in Asia, offsetting an 8 per cent slide in North America.

ICI warned there was unlikely to be much of a pick-up in the decorative market in the US, given the property slowdown there.

Revenue across the group dipped to £1.25 billion but like-for-like sales were 4 per cent higher.

The pension deficit has been cut to £721 million, little more than half the £1.3 billion reported at the end of last year.

Shareholders will receive a half-year dividend of 4.95p per share, up 19 per cent on a year ago.

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