End of bid clears path for continuation of AkzoNobel and Axalta merger of equals.
Nippon Paint Holdings Co. and The Sherwin-Williams Company said June 3 they have ended their joint effort to acquire Akzo Nobel N.V., removing the chief obstacle to AkzoNobel’s proposed $25 billion all-stock merger of equals with Axalta Coating Systems Ltd.
The decision follows AkzoNobel’s rejection of two joint all-cash offers from the two coatings makers. In a brief statement, AkzoNobel confirmed the bidders are no longer pursuing a public offer and said both of its boards unanimously continue to recommend the Axalta merger.
The abandoned bid
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