The auction process for Axalta is ongoing and there is no certainty any deal will be reached, the sources said, asking not to be identified because the matter is confidential. The bid would come three months after Axalta said it would explore a sale. Axalta could be valued at $49 a share, Seaport Global analyst Michael Harrison said in a note to investors. Axalta is a leading global coatings provider dedicated to the development, manufacturing, delivery, and service of liquid and powder coatings. Still hurting from loss of Lowe's account, PPG sales, income fall in second quarter Downtown-based PPG was mentioned in July as a possible bidder for Axalta after the company … Other private equity firms are also interested in Axalta, which has a market capitalization of $7.3 billion and long-term debt of close to $4 billion, three sources said. New Virus Strain’s Transmissibility to Cause More Deaths: Study, Cyberpunk Maker CD Projekt Sued by Investor Over Botched Launch, Musk Says It’s ‘Impossible’ to Take Tesla Private, Mulls New IPO, The North Carolina Kid Who Cracked YouTube’s Secret Code, N.Y. Citing “people familiar with the matter,” Reuters reported Tuesday that PPG was speaking with Clayton, Dubilier & Rice about teaming up with the buyout firm on an Axalta acquisition. We may have made it … Axalta also got new management in December, following an investigation of previous Chief Executive Officer Terrence Hahn’s conduct by external counsel that Axalta characterized as “inconsistent with the company’s policies.” Axalta never disclosed the investigation’s findings. PHILADELPHIA, June 1, 2020 /PRNewswire/ -- Axalta Coating Systems Ltd. (NYSE:AXTA) (the "Company") announced that two of its wholly owned subsidiaries, Axalta Coating Systems, LLC … Private equity firms are also looking, though interest has been lukewarm so far, the people said. June 19 (Reuters) - Axalta Coating Systems Ltd initiated a review of strategic options, including a potential sale of the company, the coatings producer said on … Axalta shares fell $0.51 or 1.69% Monday to $29.64. This is the second time in recent years Axalta has put out the "for sale" sign. Another key point to note is that Axalta's management is currently reviewing "strategic alternatives." An Axalta spokesperson said it would not comment on market speculation. Akzo Nobel said it “never respond[s] to market rumours”. Rumors have abounded that the global steel titan could scoop up all or part of Ilva since mid-February. DuPont Performance Coatings, rooted in the dawn of the Automobile Age, now sports a new name after the completion of its $4.9 billion sale to The Carlyle Group on Feb. 1, the companies announced Monday (Feb. 4).. Monthly Cases Hit High; New Strain in Germany: Virus Update. The founding father of the automotive paint business is being laid to rest. Axalta, PPG, CD&R and Platinum Equity declined to comment. Activist investor Jana Partners took a stake and had been pushing the company to explore alternatives before it announced the review, people familiar with the matter said in June. It's not the first time Axalta has been on the selling block. Axalta Coating Systems Ltd., the car-paint maker exploring a sale, has drawn preliminary interest from rival companies, according to people familiar with the matter. Our Coatings. Buyout firm Platinum Equity LLC, for example, has been in talks about partnering with Koch Industries Inc on a bid for Axalta, one of the sources said, cautioning that it is possible such a bid does not materialize. Akzo Nobel NV said "at this time" it is "not participating in the process" after Bloomberg News reported that it was among parties that had shown preliminary interest, citing people familiar. Axalta Coating Systems Ltd., the car-paint maker exploring a sale, has drawn preliminary interest from rival companies, according to people familiar with … AXALTA COATING SYSTEMS LTD. : News, information and stories for AXALTA COATING SYSTEMS LTD. | Nyse: AXTA | Nyse More recently, in June of this year Axalta announced a strategic review, which could result in a sale ofthe company. Berkshire Hathaway had a 10.4% stake in Axalta as of the end of June. "We carefully consider strategic opportunities as they arise and feel under no pressure to do anything different because our peer company has announced a strategic review," Akzo said in an emailed statement on Thursday. Axalta’s stock sat at $31.23 as of early Wednesday afternoon. (Reuters) - Buyout firm Clayton, Dubilier & Rice LLC is in talks to partner with U.S. paint maker PPG Industries Inc to make an acquisition offer for Axalta Coating Systems Inc, the U.S. coatings company whose largest shareholder is Warren Buffett’s Berkshire Hathaway Inc, people familiar with the matter said on Monday. Reporting by Greg Roumeliotis in New York; Additional reporting by Joshua Franklin in New York; Editing by Lisa Shumaker. Your Passion. DuPont announced the sale last August, capping months of sale rumors that the company never denied. In connection with the purchase, Berkshire Hathaway agreed that it would not dispose of the shares for 90 days following the consummation of the sale Representatives for Axalta and PPG Industries declined to comment. Car-paint maker seeking to reach potential deal in the fall, Philadelphia company said in June it was exploring a sale. More specifically, potential deals Its corporate peers include Sherwin-Williams Co, Akzo Nobel NV, BASF SE and RPM International Inc. Axalta rebuffed acquisition approaches in 2017 from Akzo Nobel and Nippon Paint Holdings Co Ltd. PPG is currently on an acquisition spree, snapping up smaller coatings companies. Axalta met fin aux discussions avec Nippon Paint: 2017: Japanischer Farbenhersteller Nippon Paint und Axalta brechen Fusionsgespräche.. 2017: Les actionnaires d'Akzo approuvent la scission de la chimie fine: 2017: Japanischer Farbenhersteller Nippon Paint überrascht mit Offerte für Axalta Axalta’s coatings are used in the refinishing of cars, buildings and pipelines. Contact. The stock market doesn’t seem to care what day of the week that rumors turn into stock moves, but Fridays are often a very ripe time for good old-fashioned buyout rumors. Reviews from Axalta Coating Systems employees about Axalta Coating Systems culture, salaries, benefits, work-life balance, management, job security, and more. As of July 18, it had 233,263,277 outstanding shares for a market cap of $7.28 billion. An activist hedge fund, Jana Partners LLC, is also an Axalta shareholder, with a 2.5% stake as of the end of June, according to regulatory filings. Some of them have also been looking for partners. Axalta Coating Systems is a global coatings company dedicated solely to the development, manufacture and sale of liquid and powder coatings. 3 Introduction Last year, the Deloitte 2018 Global chemical industry mergers and acquisitions (M&A) outlook discussed potential significant deals that, at the time, could have taken place in 2018. Before the exploration of a potential sale was announced, Axalta shares traded at $25.82, but has jumped above the $30 mark after the announcement. Axalta disclosed merger discussions with both AkzoNobel and Nippon Paint. Axalta, led by President and Chief Executive Officer Robert Bryant, has been a takeover target for years. Shares of Axalta spiked in October 2017 on reports the company was … A representative for Kansai Paint didn’t immediately respond to a request for comment left outside of regular business hours. Axalta (NYSE: AXTA) shares traded for more than $30 in June 2019 after the review was announced but dropped to arecord low of $12.92 last week … GIC, BlackRock and Koch Industries did not immediately respond to requests for comment. Axalta, which is backed by Warren Buffett’s Berkshire Hathaway Inc., rose 0.5% at 2:45 p.m. in New York after rising as much as 6.4%. It would allow PPG to overcome potential antitrust hurdles it would face were it to buy the entirety of Axalta, and only take on businesses it deems complementary. The Philadelphia-based company is in the early stages of soliciting offers from several parties with the aim of reaching a deal in the fall, one of the people said. Adds Akzo Nobel statement in third paragraph. Axalta Coating Systems Ltd. Common Shares (AXTA) Nasdaq Listed Nasdaq 100 Data is currently not available Add to Watchlist Add to Portfolio Quotes Summary Live … Private equity firms are rumored to Before it's here, it's on the Bloomberg Terminal. The annual results for Axalta Coating Systems Ltd. were released last week, making it a good time to revisit its performance.It was not a great result overall. Axalta Coating Systems Ltd., through its subsidiaries, manufactures, markets, and distributes high performance coatings systems in North America, Europe, the … The bid would come three months after Axalta said it would explore a sale. Here, Law360 breaks down the deal rumors from the past week that you need to be aware of. All quotes delayed a minimum of 15 minutes. Hahn was replaced with the company’s chief financial officer, Robert Bryant. Axalta employs around 600 in the Philadelphia area, including at its year-old global R&D center at the Navy Yard and its U.S. headquarters near Chadds Ford. 2 Big Mergers: One a $4 Billion Cash Deal, the Other Still in the Rumor Mill One big merger was announced Wednesday when Allstate offered to pay $4 billion in cash for insurer National General. CD&R and PPG are discussing forming a consortium to bid for Axalta with other investors that include Singaporean sovereign wealth fund GIC and U.S. asset manager BlackRock Inc, one of the sources said. Axalta Coating (NYSE: AXTA) Sale Timeline Likely Pushed Back - Bloomberg, Citing DealReporter Unlikely to see significant premium in takeout Serious News for Serious Traders! See here for a complete list of exchanges and delays. According to the report, the two companies are considering creating a consortium to try and buy Axalta, which was first rumored to be exploring a sale back in July. Shares of Axalta spiked in October 2017 on reports the company was … The company, which makes coatings for vehicles or pipelines, held takeover talks in 2017 with Nippon Paint Holdings Co. Axalta went public in 2014, a year after private equity firm Carlyle Group LP acquired the company from DuPont. Management is pretty much a bunch of "good 'ol boys" from the DuPont era - probably why they are for sale now too. News of layoffs and a disappointing Axalta hasn’t made a final decision on selling all or part of the company and bidders could end up opting against formal offers, they said. Sad part is we are losing good people. Axalta Coating Systems Ltd., the car-paint maker exploring a sale, has drawn preliminary interest from rival companies, according to people familiar with … This is the second time in recent years Axalta has put out the "for sale" sign. The potential sale of Axalta Coating Systems (NASDAQ: AXTA) continues to muddle along but details are currently being hammered out and a deal announcement is … Our Standards: The Thomson Reuters Trust Principles. He valued the company at 15 times earnings, using … Axalta Coating Systems Ltd. (NYSE: AXTA) ("Axalta"), a leading global coatings company, announced its financial results for the fourth quarter and full year ended December 31, 2019. The new managers are trying to make it better but don't stand a chance against the "club". It's trading at … Its stock has risen about 18% since announcing June 19 that it would review strategic alternatives, including a sale, giving it a market value of about $7.1 billion. Axalta Coating Systems Ltd has formed a board committee to explore a sale, Reuters reported. AT&T Weighs Sale of DirecTV AT&T Inc. is mulling a sale … Axalta will not receive proceeds from the sale of the shares. According to Axalta’s (formerly DuPont) 68th Annual Automotive Color Popularity Report, white remains the most popular color for cars for the tenth year in … The DPC unit lagged DuPont's fast-growing science- and biotech-oriented businesses. 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