Axalta and Nippon Paint end acquisition talks
Axalta confirmed that its previously announced discussions regarding it being acquired by Nippon Paint have ended. Nippon Paint informed Axalta that its Board of Directors was unwilling to meet our expectations regarding the value of the company and assume the financial leverage necessary for a deal of this size.
Two discussions, no merger
“Axalta is a premier company in the coatings industry and has recently been sought after by two global competitors,” said Charles W. Shaver, Axalta’s Chairman and Chief Executive Officer. The second company Shaver mentions is Akzo Nobel. Talks about a potential merger between the Dutch and the US competitors became public on November 15. About a week later the talks ended following the announcement that Axalta started talking with Nippon Paint.
Shaver further statet: “While neither deal came to fruition, the keen interest by these companies underscores Axalta’s global leadership position. Our current and future operational plans have not wavered during these discussions. We are well positioned to continue as a standalone growth company and will remain disciplined in generating superior long-term value for our shareholders.”