Axalta Coating Systems has ended talks with Japan’s Nippon Paint Holdings about a potential sale.
Sources have said Nippon proposed a US$9.1bn all-cash bid.
The development makes Nippon Paint the latest unsuccessful suitor for Axalta, whose largest shareholder is Warren Buffett’s Berkshire Hathaway Inc.
Axalta previously ended talks with Akzo Nobel.
“While neither deal came to fruition, the keen interest by these companies underscores Axalta’s global leadership position.
“We are well positioned to continue as a standalone growth company and will remain disciplined in generating superior long-term value for our shareholders,” Axalta CEO Charles Shaver said in a statement.