AkzoNobel (AKZOY) Board Rejects Nippon Paint (NPCPF), Sherwin-Williams (SHW) Bid, Backs Axalta (AXTA) Merger

The board of Amsterdam-based AkzoNobel on May 27, 2026, rejected an unsolicited takeover proposal from Japan’s Nippon Paint Holdings and U.S. rival Sherwin-Williams, reinforcing its commitment to a previously announced merger with Axalta Coating Systems. The board said the rival bid undervalued the company and carried substantial regulatory uncertainty. No financial terms of the rejected proposal were disclosed. The planned all-stock Axalta deal, unveiled earlier this month, would create a coatings giant with estimated combined annual revenue exceeding $25 billion and significant synergies in automotive and industrial segments. AkzoNobel expects the transaction to close in the second half of 2026, subject to shareholder and regulatory approvals. A shareholder vote is scheduled for July 2026. Representatives for Nippon Paint and Sherwin-Williams did not immediately comment.