By Svea Herbst-Bayliss
NEW YORK (Reuters) -Investor Artisan Partners is unhappy with Axalta Coating Systems’ plans to combine with AkzoNobel in an all-stock deal that will create a paint industry giant with an enterprise value of $25 billion.
“As an Axalta shareholder, we believe the only proper response to this proposed transaction is an absolute and resounding ‘NO,’” Artisan Partners fund managers Daniel O’Keefe and Michael McKinnon wrote in a letter to Axalta shareholders.
The pair said they would be interested in speaking with any other interested buyers.
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(Reporting by Svea Herbst-BaylissEditing by Rod Nickel)
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