Nippon Paint has made multiple offers for Akzo Nobel's decorative paints business, including a recent proposal valuing the unit at €7.5 billion ($8.55 billion). This follows a previous attempt by Nippon Paint and Sherwin-Williams to acquire Akzo Nobel's entire business for €12.5 billion, a bid that was rejected in May.

Akzo Nobel's management has reportedly not engaged with Nippon Paint regarding the latest offer, which values the business at about 12 times its 2026 earnings before interest, taxes, depreciation, and amortization. Nippon Paint may still abandon its pursuit of the business.

Akzo Nobel, the maker of the Dulux brand, previously stated that the full-firm takeover bid undervalued its business and lacked regulatory certainty. Instead, the company is pursuing a merger with U.S. coatings maker Axalta, with shareholder votes scheduled for August 5. Paint makers are pursuing such mergers to reduce costs amid intense competition and uncertainty sparked by U.S. tariffs on imported goods.