Coatings manufacturer AkzoNobel confirmed that early last month it rejected a conditional and non-binding proposal from Nippon Paint Holdings Co. and The Sherwin-Williams Company to purchase AkzoNobel in an all-cash offer of €73 ($85) per share.
According to a statement: “Under the terms of the Proposal, Nippon Paint would launch the all-cash public offer 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.”
The agreement was reviewed by AkzoNobel’s board of management and its supervisory board, which concluded that the “proposal did not qualify, nor was it reasonably expected to qualify, as a ‘Superior Proposal.’ ”
AkzoNobel announced a proposed $25 billion merger with Axalta in late November 2025, and imminent release an SEC Form F-4 is expected. The F-4 is a mandatory document filed with the Securities and Exchange Commission when a corporate insider buys, sells or changes ownership of company stock.
AkzoNobel is parent to such coating brands such as Interlux, Awlgrip and Sea Hawk.
