AkzoNobel Confirms Receipt of Nippon Paints' Offers for Decorative Paints Unit
AkzoNobel (AKZA.AS) said Monday it received multiple offers from Japan-based Nippon Paint Holdings to acquire its decorative paints business for 7.5 billion euros on a cash- and debt-free basis, confirming media reports. The Dutch paint company said the offer "significantly undervalues" the decorative paints business, adding that its management and supervisory boards continue to recommend a previously announced merger of equals with US-based Axalta Coating Systems. Nippon Paint and US-based Sherwin-Williams previously offered to buy AkzoNobel for 73 euros per share in cash. They dropped the offer in June after being rejected by the target company.
5 billion euros on a cash- and debt-free basis, confirming media reports. The Dutch paint company said the offer "significantly undervalues" the decorative paints business, adding that its management and supervisory boards continue to recommend a previously announced merger of equals with US-based Axalta Coating Systems. Nippon Paint and US-based Sherwin-Williams previously offered to buy AkzoNobel for 73 euros per share in cash. They dropped the offer in June after being rejected by the target company.