AkzoNobel Rejects EUR 73-Per-Share Offer from Nippon Paint and Sherwin-Williams

AkzoNobel has confirmed that it rejected a conditional and non-binding acquisition proposal from Nippon Paint and Sherwin-Williams on May 1, 2026. The proposal, received on April 29, offered EUR 73 per share in cash for all outstanding AkzoNobel shares. This followed an earlier proposal submitted on April 16, which was also rejected by the company.

Under the proposed transaction, Nippon Paint would acquire AkzoNobel through an all-cash public offer and retain the company’s Decorative Paints and Industrial Coatings businesses. The Automotive & Specialty Coatings, Marine & Protective Coatings, and Powder Coatings businesses would subsequently be sold to Sherwin-Williams.

After reviewing the proposal with its financial and legal advisors, AkzoNobel’s Board of Management and Supervisory Board unanimously concluded that the offer did not adequately reflect the company’s value and long-term growth potential. The boards also raised concerns regarding regulatory approvals, transaction certainty, the proposed business separation, and the protection of stakeholder interests.

As a result, AkzoNobel continues to fully support and recommend its planned merger of equals with Axalta, citing the strong strategic benefits and long-term value creation expected from the combination.

Source:AkzoNobel