AkzoNobel has confirmed it received multiple conditional, non-binding proposals from Nippon Paint Holdings Co. to acquire its Decorative Paints business, but said the offers are both procedurally restricted and financially inadequate.

 

The proposals value the Decorative Paints business at an indicative enterprise value of €7.5 billion on a cash-free, debt-free basis.

 

AkzoNobel said the approach qualifies as an Alternative Proposal under its merger agreement with Axalta Coating Systems Ltd., preventing the company from engaging with Nippon Paint. It also said the proposed valuation "significantly undervalues" its Decorative Paints business, a view it said had already been communicated to Nippon Paint.

 

The company's Board of Management and Supervisory Board unanimously reaffirmed their support for the planned merger of equals with Axalta, citing the transaction's strategic rationale and expected benefits outlined in the companies' joint press release issued on November 18, 2025.