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.
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.