Nippon Paint Holdings makes an offer of about $8.55 billion to $8.6 billion for AkzoNobel’s decorative paints business, according to multiple reports citing Bloomberg. The reports say Nippon Paint has submitted multiple offers over the past month. AkzoNobel does not engage with the proposal and does not inform shareholders about the offer, the sources indicate. One outlet notes that AkzoNobel’s management team does not discuss or pursue the proposal after Nippon Paint approaches. The disclosures and negotiation status described in the reports suggest that the acquisition process is at an early stage and that AkzoNobel has not publicly responded to the proposed transaction. The accounts also focus on the value range presented by Nippon Paint and the timeframe of the offers, rather than on any agreement or progress toward a deal. As of the reports, no binding terms, acceptance, or formal transaction announcement from AkzoNobel is described.