Market Chatter: Axalta Shareholder Shapiro Capital Calls for Restructuring in $25 Billion Deal With AkzoNobel

MT Newswires Live
Nov 22

Axalta Coating Systems (AXTA) shareholder Shapiro Capital Management has urged the coatings company to restructure its proposed $25 billion merger with Dutch peer AkzoNobel, The Wall Street Journal reported Friday, citing the investment firm's president.

Atlanta-based Shapiro Capital Management joined forces with another Axalta shareholder, Artisan Partners, in opposing the blockbuster deal, which is set to create a paint giant with a combined revenue of $17 billion.

"Axalta shareholders should get the premium they deserve," Shapiro Capital Management President Louis Shapiro said in an interview, adding that the firm will vote against the deal if it is not restructured, the WSJ reported.

The investor held a 1.1% stake in Axalta as of Sept. 30, as per FactSet data, according to the report.

Neither Axalta nor Shapiro Capital Management immediately responded to MT Newswires' request for comment.

Shares of Axalta rose 4.9% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 30.11, Change: +1.40, Percent Change: +4.88

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