Netherlands' AkzoNobel rejects Nippon Paint's bid for decorative paints

https://omg10.com/4/10736335

AkzoNobel takes note of recent media comments and confirms that it has received multiple conditional and non-binding proposals from Nippon Paint Holdings Co. (“Nippon Paint”) regarding the potential acquisition of AkzoNobel’s decorative paints business (the “Proposal”) for an indicative enterprise valuation of €7.5 billion (cash-free and debt-free).

Nippon Paint’s proposal constitutes an alternative proposal, as defined in the merger agreement between AkzoNobel and Axalta Coating Systems Ltd. (“Axalta”), which restricts AkzoNobel from any commitment. It also significantly undervalues AkzoNobel’s decorative paints business, as previously reported to Nippon Paint.

AkzoNobel has confirmed multiple conditional and non-binding proposals from Nippon Paint for its Decorative Paints business. The indicative enterprise valuation is €7.5 billion (~$8.8 billion), while AkzoNobel says the approach undervalues the unit. For buyers of paints and chemicals, company boards continue to support the all-stock merger with Axalta.

The Board of Directors and the Supervisory Board of AkzoNobel (the “Boards”) continue to unanimously recommend the merger of equals between AkzoNobel and Axalta, taking into account the compelling strategic rationale and benefits set out in the joint AkzoNobel and Axalta press release of November 18, 2025.

Further announcements will be made when appropriate.