Axalta Coating Systems said its talks with Nippon Paint have come to a close without a deal.

The Japanese paint maker had expressed interest in buying Axalta, and a recent Reuters report said Nippon Paint had made an all-cash offer.

However, Nippon Paint “informed Axalta that its board of directors was unwilling to meet our expectations regarding the value of the company and assume the financial leverage necessary for a deal of this size,” according to Philadelphia-based Axalta.

Previously, Axalta and AkzoNobel were considering a “merger of equals,” but those discussions fell through as well.

“Axalta is a premier company in the coatings industry and has recently been sought after by two global competitors,” said Charles 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.”

“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.”