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USA paints firm PPG has dropped a proposal to buy the Dulux-owner AkzoNobel after the Dutch firm spurned several informal offers.
McGarry revealed that PPG had made a last-ditch effort to engage with Akzo late last week but that a letter had been met with silence.
PPG's decision capped a frustrating three-month courtship. Mr McGarry flew to Rotterdam last month in an attempt to get talks under way.
In a statement, the Pittsburg-based PPG said: "It has withdrawn its proposal to combine with AkzoNobel and will not pursue a public offer for all the issued and outstanding shares of AkzoNobel".
In April, Akzo presented its case for remaining independent, offering shareholders 1.6 billion euros in extra dividends and detailing plans to sell or float its chemicals subsidiary, which represents a third of company sales and profits.
In April, PPG offered to pay 26.9bn euros (£22.8bn) for Akzo.
Akzo Nobel has held firm to its alternative plan to break into two companies focused on chemicals and coatings. An Amsterdam court on Monday blocked attempts by a group of AkzoNobel shareholders who sought to oust its supervisory board chairman. The maker of Dulux paints cited "risks and uncertainties inherent in PPG's proposal" as it rejected the takeover offer, concluding that its own strategy offered a "superior route to growth and long-term value creation".
Under Dutch securities rules, PPG can not make another offer for Akzo for six months.
The US company failed this week win an extension of that deadline.
AkzoNobel shares fell sharply on the news before regaining ground to trade 0.46% lower.
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