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AkzoNobel spurns €73 bid, backs $25 B Axalta merger

5/27/2026

Summary

Story summary

AkzoNobel rejected a €73-per-share offer from Nippon Paint and Sherwin-Williams on 1 May 2026.
The bid offered a 39% premium to €52.52 close and valued AkzoNobel at €10.3 billion.
The board said the proposal undervalued the firm, lacked regulatory guarantees and would split the business.
After rejection, shares rose 16.8% to €61.38, boards supporting $25 billion Axalta merger that gives Axalta shareholders 0.6539 AkzoNobel shares per share and a 45% stake in company.

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Story summary

AkzoNobel rejected a €73-per-share offer from Nippon Paint and Sherwin-Williams on 1 May 2026.
The bid offered a 39% premium to €52.52 close and valued AkzoNobel at €10.3 billion.
The board said the proposal undervalued the firm, lacked regulatory guarantees and would split the business.
After rejection, shares rose 16.8% to €61.38, boards supporting $25 billion Axalta merger that gives Axalta shareholders 0.6539 AkzoNobel shares per share and a 45% stake in company.