Akzo Nobel N.V. (AMS: AKZA; OTCMKTS: AKZOY) confirmed July 13 it has received multiple conditional and non-binding proposals from Nippon Paint Holdings Co. to acquire its Decorative Paints business at an indicative enterprise valuation of €7.5 billion ($8.55 billion), saying its merger agreement with Axalta Coating Systems Ltd. bars the company from engaging with the Japanese coatings maker and that the offers significantly undervalue the business.
The renewed approach lands three weeks before shareholders of both AkzoNobel and Axalta vote Aug. 5 on the companies’ roughly $25 billion all-stock merger of equals, a combination that would unite two of the
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