Axalta Coating Systems has announced its previously announced discussions regarding it being acquired by Nippon Paint have ended.

Nippon Paint informed Axalta that its Board of Directors was unwilling to meet expectations regarding the value of the company and assume the financial leverage necessary for a deal of this size.

“Axalta is a premier company in the coatings industry and has recently been sought after by two global competitors,” said Charles W. Shaver, Axalta’s Chairman and Chief Executive Officer. “While neither deal came to fruition, the keen interest by these companies underscores Axalta’s global leadership position. Our current and future operational plans have not wavered during these discussions. We are well positioned to continue as a standalone growth company and will remain disciplined in generating superior long-term value for our shareholders.”

Shaver added that, “I would like to thank our customers, investors, suppliers, and employees for their patience and support as we have considered these strategic options. We look forward to continuing the performance you have come to expect of our company.”