AkzoNobel Rejects €12.5 Billion Bid, Sending Shares Up 20%

10 articles · Updated · Reuters · May 27

AkzoNobel turned down a €12.5 billion cash approach from Nippon Paint and Sherwin-Williams, saying the €73-a-share proposal was not superior to its planned Axalta merger.
The Dutch paint maker said the bid undervalued the business, carried regulatory uncertainty and would have broken up the company between the two suitors.
AkzoNobel shares rose 20% to about €63, after the offer's 39% premium to the prior €52.52 close fueled expectations the bidders could return with more.
The board is still backing its Axalta tie-up, a deal shareholders vote on in early July that would create a $25 billion coatings group with $600 million in annual cost savings.
Any hostile move would face AkzoNobel's anti-takeover Stichting, which backs the Axalta merger and could block a bid unless the consortium offers a much higher price.

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