Akzo Nobel’s board has rejected an offer from Nippon Paint Holdings for its decorative paints business, and continues to recommend an agreed merger with Axalta Coating Systems.
The new acquisition offer for �7.5 billion ($8.6 billion) follows multiple approaches for a deal with Akzo Nobel, which said Monday that the latest proposal “significantly undervalues” its paints unit.
The Dutch paint-maker said both its management and supervisory boards “continue to unanimously recommend” the merger with Axalta, which is set to create a paint maker with an enterprise value of about $25 billion.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.