There’s more to the story of the now-concluded merger talks between Axalta Coating Systems and AkzoNobel.

According to a Reuters report, Osaka, Japan-based Nippon Paint Holdings has made an all-cash offer to buy Axalta, which prompted Axalta to drop its merger talks with AkzoNobel.

Axalta confirmed that the company “is engaged in discussions with Nippon Paint regarding a potential acquisition of Axalta.”

“Axalta will pursue such a transaction only if its board of directors determines that it is in the best interest of Axalta to do so,” the company said in a news release. “There can be no assurances that a definitive agreement between the parties will be reached or on what terms.”