AkzoNobel, the Dulux owner, rejects a proposed cash takeover from Nippon Paint and Sherwin-Williams. The bidders put forward a non-binding offer valued at about £10.9bn (€13bn), with reports describing the bid as worth €73 per share. AkzoNobel says the offer undervalues the company and argues that it does not provide sufficient deal certainty. The company also states that the structure of the proposal would effectively split AkzoNobel between the two suitors, rather than providing a single consolidated outcome.
Following the announcement, AkzoNobel shares rise sharply, reflecting investors’ reaction to the company’s refusal of the bid. The reports also frame the move as part of a broader effort by the two paint and coatings companies to enter or expand their position in the market, attempting to intervene in the process and increase their influence over AkzoNobel’s future. AkzoNobel’s stance indicates it is not proceeding with the proposal on the terms presented by the two bidders.
