AkzoNobel rejects €12.5 billion Nippon Paint, Sherwin-Williams takeover offer - Reuters

<a href="https://news.google.com/rss/articles/CBMiugFBVV95cUxOaUZMS3JqWkFtR0o2LUZ5cTBvWjB3NzhoVU56R2JDdkc0Wm5KMndvYXNHVzdDUGhwSFctaUR6N1VpV3EweTVPNnR4NmFuREhHTG1WaXZYNDNabWs2akpWRmxqb2hab3JoVFpIdFpjYldIUnduVWc0Z2l4R3djQ0V3SXhWMllRampBTGxuSHRJZjNRZmxzRU5jTjBxYTBLV2Z6WG9ENV85OFhYS0VxRS1NZzlsMnZzZk1pRGc?oc=5" target="_blank">AkzoNobel rejects €12.5 billion Nippon Paint, Sherwin-Williams takeover offer</a>&nbsp;&nbsp;<font color="#6f6f6f">Reuters</font>

AkzoNobel confirmed it rejected a €12.5 billion takeover proposal from Nippon Paint Holdings and The Sherwin-Williams Company after its board deemed the proposal did not qualify as being superior to the merger offer already received from Axalta Coating Systems.

AkzoNobel has rejected a €12.5 billion cash takeover offer from Nippon Paint and Sherwin-Williams, citing undervaluation and regulatory uncertainties, and continues to recommend its merger with Axalta Coating Systems.

AkzoNobel's board has rejected a €12.5 billion takeover proposal from Nippon Paint Holdings and Sherwin-Williams, continuing to recommend a proposed deal with U.S. peer Axalta Coating Systems.

Nippon Paint Holdings Co., Ltd. and The Sherwin-Williams Company submitted a conditional and non-binding proposal to acquire Akzo Nobel N.V. for €12.5 billion on April 29, 2026. Under the terms of the acquisition, Nippon Paint Holdings Co., Ltd. and The Sherwin-Williams Company will pay €73 in cash per share for all of the issued and outstanding shares of AkzoNobel. Upon completion of the proposed transaction, Nippon Paint would retain AkzoNobel's Decorative Paints and Industrial Coatings businesses, while AkzoNobel's Automotive & Specialty Coatings, Marine & Protective Coatings and Powder Coatings businesses would be sold separately to Sherwin-Williams. Nippon Paint Holdings Co., Ltd. (TSE:4612) and The Sherwin-Williams Company (NYSE:SHW) cancelled the acquisition of Akzo Nobel N.V. (ENXTAM:AKZA) on May 1, 2026. The Board of Management and the Supervisory Board carefully reviewed and considered the Proposal, together with their respective financial and legal advisors, in line with their fiduciary duties. The Boards concluded that the Proposal did not qualify, nor was it reasonably expected to qualify, as a 'Superior Proposal' (as defined in the merger agreement between AkzoNobel and Axalta), considering a variety of aspects of the Proposal. AkzoNobel Boards unanimously continue to recommend the merger between AkzoNobel and Axalta.

Dulux paint-maker AkzoNobel said Wednesday that it has rejected a bid of €12.5 billion ($14.6 billion) by U.S. rival Sherwin-Williams and Nippon Paint of Japan in favor of a merger it had already agreed with Axalta Coating Systems to form a $25 billion company.