Akzo Nobel Stock Surges 16% After Rejecting $12.5B Bid from Nippon Paint and Sherwin-Williams

GateNews
According to Bloomberg, Akzo Nobel rejected a combined cash acquisition offer from Japan's Nippon Paint and U.S. paint maker Sherwin-Williams on Wednesday, with the Dutch company's stock jumping 16% in Amsterdam trading—the largest single-day gain since March 2017. The bid valued Akzo Nobel at approximately 12.5 billion euros, or 73 euros ($85) per share. The company said it will proceed with its planned merger with U.S.-based Axalta Coating Systems, which was agreed upon in November.
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