Why Axalta Coating Systems Ltd's Shares Plunged 22% Today
Shares of Axalta Coating Systems Ltd (NYSE: AXTA) plunged as much as 22% in trading Thursday after rejecting a buyout offer from Nippon Paint. Shares were down 16.2% at 3:05 p.m. EST Thursday and showed no signs of recovery late in the day.
According to Reuters, the latest offer from Nippon Paint was for $37 per share in cash, a price Axalta's management didn't think was enough to complete a buyout. The bid would have valued the company at $9.1 billion.
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Source: Fool.com
Axalta Coating Systems Ltd. Stock
€31.40
-1.880%
With 14 Buy predictions and only 1 Sell predictions the community sentiment for the stock is positive.
With a target price of 37 € there is a slightly positive potential of 17.83% for Axalta Coating Systems Ltd. compared to the current price of 31.4 €.
