AkzoNobel rejects €12.5 billion Nippon Paint, Sherwin-Williams takeover offer

Dulux paint maker AkzoNobel has rejected a massive takeover offer. Rivals Nippon Paint and Sherwin-Williams proposed a €12.5 billion deal. AkzoNobel stated the offer undervalued its business and lacked certainty. The company board continues to back its planned merger with Axalta. Shareholders will vote on the Axalta deal soon. This rejection sent AkzoNobel shares soaring.