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The Economic Times

AkzoNobel rejects €12.5 billion Nippon Paint, Sherwin-Williams takeover offer

AkzoNobel Nippon Paint Axalta SherwinWilliams United States

Dulux paint maker AkzoNobel struck down a €12.5 billion ($14.6 billion) cash takeover offer from rivals Nippon Paint and Sherwin-Williams on Wednesday, sending its shares 20% higher. The offer price of €73 per share represented a premium of 39% to AkzoNobel's last closing price of €52.52 per share. The shares jumped to €63 by 1241 GMT, firmly on track for their best trading day since at least October 2008.

AkzoNobel said the non-binding proposal undervalued its business, lacked deal certainty ‌regarding regulatory clearances and ⁠would ⁠have split the company between the two suitors. The Dutch company's board continues to recommend the planned merger with U.S. coatings maker Axalta.

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