Why did Nippon Paint and Sherwin-Williams abandon their acquisition bid for AkzoNobel?

Nippon Paint and Sherwin-Williams abandoned their joint acquisition plan because AkzoNobel 'had flatly rejected their all-cash offer of €12.5 billion', and the company's management and supervisory board unanimously continued to support an all-stock, equal merger with Axalta Coating Systems instead, citing that the Nippon Paint–Sherwin-Williams proposal 'fell far short of matching AkzoNobel’s own asset value and future growth potential.'

What was AkzoNobel's stated reason for rejecting the €12.5 billion offer from Nippon Paint and Sherwin-Williams?

AkzoNobel rejected the €12.5 billion all-cash offer because it 'fell far short of matching AkzoNobel’s own asset value and future growth potential', and the company reaffirmed its commitment to an all-stock, equal merger with Axalta Coating Systems, which it described as having 'solid strategic logic and long-term benefits', referencing their joint announcement dated November 18, 2025.