According to Axalta, Nippon Paint's Board of Directors were "unwilling to meet our expectations regarding the value of the company and assume the financial leverage necessary for a deal of this size."
Reuters, citing sources, reported that Axalta rejected a $9.1 billion all-cash bid.
The Philadelphia-based Axalta previously had discussions with AkzoNobel, but the companies were unable to reach mutually agreeable terms, Axalta confirmed in a press release.
“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 CEO. “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.”