AkzoNobel CEO Signals Shareholder Support for Axalta Merger Ahead of Vote
AXTA sits 34% above its 52-week low of $24.937 on light trading volume (0.1× avg).
Summary
AkzoNobel's CEO publicly expects shareholders to approve the all-share merger with Axalta, a strong signal of confidence just two weeks before the August 5 special meetings. This follows a definitive proxy filing and ISS presentation, and comes after AkzoNobel fended off a $14.5B hostile approach from Nippon Paint and Sherwin-Williams in May. The CEO's statement reduces uncertainty around the vote, which is the final major hurdle to creating a coatings giant. With both companies' shareholder meetings set for the same day, a positive outcome would likely close the deal shortly after.
At the time of this announcement, AXTA was trading at $33.42 on NYSE in the Manufacturing sector, with a market capitalization of approximately $7.2B. The 52-week trading range was $24.94 to $35.72. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.