Axalta Coating Systems Ltd has formed a board committee to explore a sale, Reuters reported. Sad part is we are losing good people. News of layoffs and a disappointing Another key point to note is that Axalta's management is currently reviewing "strategic alternatives." 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. 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 … 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. 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 … 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. (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. 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 founding father of the automotive paint business is being laid to rest. 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. All quotes delayed a minimum of 15 minutes. Shares of Axalta spiked in October 2017 on reports the company was … Axalta disclosed merger discussions with both AkzoNobel and Nippon Paint. Our Standards: The Thomson Reuters Trust Principles. Reuters reported Downtown-based PPG could partner with private equity firm Clayton, Dubilier & Rice to acquire Warren Buffett-backed Axalta. Have a confidential tip for our reporters? Axalta’s stock sat at $31.23 as of early Wednesday afternoon. Rumors have abounded that the global steel titan could scoop up all or part of Ilva since mid-February. Contact. AT&T Weighs Sale of DirecTV AT&T Inc. is mulling a sale … 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 Axalta Coating Systems is a global coatings company dedicated solely to the development, manufacture and sale of liquid and powder coatings. Axalta Coating Systems Ltd., the car-paint maker exploring a sale, has drawn preliminary interest from rival companies, according to people familiar with … Axalta shares fell $0.51 or 1.69% Monday to $29.64. An Axalta spokesperson said it would not comment on market speculation. 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. Before it's here, it's on the Bloomberg Terminal. 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. Shares of Axalta spiked in October 2017 on reports the company was … 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. 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. Private equity firms are rumored to Axalta, a U.S. coatings company, has a roughly $7 … Private equity firms are also looking, though interest has been lukewarm so far, the people said. Axalta will not receive proceeds from the sale of the shares. Monthly Cases Hit High; New Strain in Germany: Virus Update. Axalta’s coatings are used in the refinishing of cars, buildings and pipelines. 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 … DuPont announced the sale last August, capping months of sale rumors that the company never denied. 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. 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 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. 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 … 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. He valued the company at 15 times earnings, using … Management is pretty much a bunch of "good 'ol boys" from the DuPont era - probably why they are for sale now too. More recently, in June of this year Axalta announced a strategic review, which could result in a sale ofthe company. AXALTA COATING SYSTEMS LTD. : News, information and stories for AXALTA COATING SYSTEMS LTD. | Nyse: AXTA | Nyse Kansai Paint Co. Ltd. and PPG Industries Inc. are among firms considering making offers, said the people, who asked to not be identified because the matter isn’t public. The DPC unit lagged DuPont's fast-growing science- and biotech-oriented businesses. Reviews from Axalta Coating Systems employees about Axalta Coating Systems culture, salaries, benefits, work-life balance, management, job security, and more. Axalta, PPG, CD&R and Platinum Equity declined to comment. 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 … 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).. Reporting by Greg Roumeliotis in New York; Additional reporting by Joshua Franklin in New York; Editing by Lisa Shumaker. 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. GIC, BlackRock and Koch Industries did not immediately respond to requests for comment. Here, Law360 breaks down the deal rumors from the past week that you need to be aware of. Your Passion. 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. More specifically, potential deals 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, 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%. "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. 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 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. 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. 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 … Some of them have also been looking for partners. The bid would come three months after Axalta said it would explore a sale. Berkshire Hathaway had a 10.4% stake in Axalta as of the end of June. 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. This is the second time in recent years Axalta has put out the "for sale" sign. As of July 18, it had 233,263,277 outstanding shares for a market cap of $7.28 billion. Axalta, led by President and Chief Executive Officer Robert Bryant, has been a takeover target for years. 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. 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. 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 The new managers are trying to make it better but don't stand a chance against the "club". 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. Axalta Coating Systems Ltd., through its subsidiaries, manufactures, markets, and distributes high performance coatings systems in North America, Europe, the … This is the second time in recent years Axalta has put out the "for sale" sign. See here for a complete list of exchanges and delays. Akzo Nobel said it “never respond[s] to market rumours”. 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. Hahn was replaced with the company’s chief financial officer, Robert Bryant. 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. 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 (NYSE: AXTA) Sale Timeline Likely Pushed Back - Bloomberg, Citing DealReporter Unlikely to see significant premium in takeout Serious News for Serious Traders! It's trading at … Our Coatings. We may have made it … Axalta could be valued at $49 a share, Seaport Global analyst Michael Harrison said in a note to investors. The bid would come three months after Axalta said it would explore a sale. 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. 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. It's not the first time Axalta has been on the selling block. Axalta Coating Systems Powder North America 9800 Genard Road Houston, TX 77041 1-800-247-3886 Adds Akzo Nobel statement in third paragraph. Data source: Axalta presentations. A representative for Kansai Paint didn’t immediately respond to a request for comment left outside of regular business hours. Axalta is a leading global coatings provider dedicated to the development, manufacturing, delivery, and service of liquid and powder coatings. Law360 breaks down the deal rumors from the past week that you to. 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