Axalta Coating Systems Ltd.’s stock was halted for news, after a Nikkei report that Japan’s Nippon Paint Holdings Co. Ltd. was closing in on a bid to buy the coatings company for about $9 billion. Axalta’s stock was down 0.8% prior to the halt. The report in Japan’s Nikkei business daily said Nippon Paint has entered into final negotiations on a tender offer, with the company likely to spend on the scale of 1 trillion yen, or the equivalent of about $8.9 billion at current exchange rates. Axalta’s current market capitalization is $9.1 billion. The stock has rocketed 31% since Axalta reported third-quarter results after the Oct. 26 close, effectively boosting its market cap by $2.2 billion. Axalta’s stock has rallied 37% year to date, while the S&P 500 has climbed 19%. Nippon Paint’s stock has gained 8.3% year to date.
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