Nippon Paint Group and Sherwin-Williams (NYSE: SHW) announced they have decided to end their efforts to jointly acquire AkzoNobel, according to a press release statement.

The decision follows AkzoNobel's rejection of joint all-cash offers previously submitted by the two paint companies.

Nippon Paint Group operates as a paint manufacturer with operations spanning 48 regions globally, while Sherwin-Williams manufactures and distributes paint and coatings products through more than 5,400 company-operated stores and branches.

The companies had been pursuing a joint acquisition structure where Nippon Paint Group would acquire AkzoNobel while Sherwin-Williams would purchase certain AkzoNobel businesses.

AkzoNobel currently has an existing merger agreement with Axalta, which the joint proposal aimed to supersede.