AkzoNobel rejects €12.5 billion joint cash offer from Nippon Paint and Sherwin-Williams, triggering its largest single-day stock drop.
AkzoNobel’s shares fell 19% in Amsterdam, marking its steepest daily decline after Nippon Paint and Sherwin-Williams abandoned their €12.5 billion all-cash takeover bid. The Dutch paint maker’s board rejected the €73-per-share offer, opting to proceed with a $25 billion merger with Axalta Coating Systems instead.
The consortium had proposed splitting AkzoNobel’s operations, with Nippon Paint acquiring decorative and industrial coatings while Sherwin-Williams took automotive and marine divisions. AkzoNobel’s management dismissed the approach as non-binding, refusing to engage despite the premium offer.
The abrupt termination of the bid left investors reeling, as the stock’s decline erased significant market value in a single session.