Dulux paint maker AkzoNobel has rejected a cash takeover offer of €73 ($85) per share from rivals Nippon Paint and Sherwin-Williams, sending its shares 16% higher.
The offer price represented a 39% premium to AkzoNobel's last closing price of €52.52. Shares jumped to €61.
AkzoNobel said the non-binding proposal undervalued its business, lacked deal certainty regarding regulatory clearances, and would have split the company between the two suitors.
The board continues to recommend the planned merger with U.S. coatings maker Axalta.












