Wednesday, Akzo Nobel NV (AKU1.MU) confirmed the rejection of a takeover proposal from Nippon Paint Holdings Co. (NI7.F), and The Sherwin-Williams Company received on April 29, 2026, to buy all issued and outstanding shares of the company at an offer price of 73 euros per share in cash.
The proposal stated that Nippon would launch the all-cash public offer for all of the issued and outstanding shares of AkzoNobel, and on completion of the deal would retain AkzoNobel's Decorative Paints and Industrial Coatings businesses, whereas Automotive & Specialty Coatings, Marine & Protective Coatings and Powder Coatings businesses would be sold separately to Sherwin-Williams.
The rejection comes after the Board of Management and the Supervisory Board carefully reviewed and considered the proposal, and found that the proposal did not qualify, nor was it reasonably expected to qualify, as a 'Superior Proposal.'
The Board also found that the indicative offer price did not come close to adequately reflecting the value of AkzoNobel and its long-term prospects, taking into account the benefits of the recommended merger with Axalta.
In light of this, the Board has unanimously recommended the merger of equals between AkzoNobel and Axalta.
Akzo's stock is trading at 61.24 euros, up 15.16 percent on the Munich Exchange.
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