Disclosure of offer comes in advance of the public U.S. SEC disclosure detailing proposed AkzoNobel-Axalta merger.
Akzo Nobel N.V. (AMS: AKZA; OTCMKTS: AKZOY) rejected a conditional, non-binding joint cash bid from Nippon Paint Holdings Co. and The Sherwin-Williams Company that would have broken up the Dutch coatings maker, opting to proceed with its $25 billion all-stock merger of equals with Axalta Coating Systems Ltd. Nippon Paint and Sherwin-Williams confirmed the joint bid in a separate statement May 27 and said they are considering their next steps, if any.
The dueling disclosures came in anticipation of the imminent public release of
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