Why did AkzoNobel reject the joint takeover offer from Nippon Paint and Sherwin-Williams?

AkzoNobel rejected the joint cash takeover offer of €73 per share because its board determined the non-binding proposal 'undervalued its business and lacked deal certainty.' The company emphasized that the offer did not reflect the true worth of AkzoNobel and raised concerns about the reliability and feasibility of completing the transaction. As a result, AkzoNobel's board reaffirmed its commitment to the previously announced planned merger with Axalta, which it continues to recommend to shareholders as the preferred strategic path forward.

What is AkzoNobel's stated alternative to the Nippon Paint–Sherwin-Williams offer?

AkzoNobel's stated alternative to the joint takeover offer is its 'planned merger with Axalta,' which its board 'continues to recommend.' This indicates that, despite receiving an unsolicited bid, AkzoNobel remains firmly committed to its existing strategic partnership with Axalta — a decision grounded in its assessment that the merger better serves long-term value creation and offers greater execution certainty than the rival proposal.

AkzoNobel Rejects Takeover Offer from Nippon Paint and Sherwin-Williams

May 27, 2026

AkzoNobel rejected a joint €73 per share takeover offer from Nippon Paint and Sherwin-Williams, citing undervaluation, while continuing its planned merger with Axalta.

AkzoNobel jumps after rejecting takeover bid from Nippon Paint and Sherwin-Williams

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AkzoNobel Rejects Takeover Proposal from Nippon Paint and Sherwin-Williams

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Akzo Nobel Rejects Cash Offers From Nippon Paint and Sherwin-Williams

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AkzoNobel Rejects Takeover Offer from Nippon Paint and Sherwin-Williams

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