The Dutch maker of Dulux paint has rejected a second takeover offer from a US rival.
Paints and coatings maker AkzoNobel turned down PPG Industries, saying an improved 22.4bn-euro (£19.3bn) offer was too low and risky.
Dutch politicians had publicly opposed PPG’s first proposal, saying it was not in the interests of the country.
Akzo’s share price fell slightly in the wake of the news.
In a statement, Akzo said the new unsolicited PPG proposal made on 20 March was worth 88.72 euros a share in cash and shares.
The previous rejected offer made on 9 March was worth 83 euros a share, which valued the company at almost £18bn.
Pittsburgh-based PG had said after its initial rejection that it was confident it could reach a deal with Akzo.
On Monday, four provincial governors spoke out against an Akzo takeover, saying it would hurt Dutch jobs.
Akzo said the second proposal did not address its initial concerns, which included the valuation, risks that the deal might not be accepted by regulators, the leverage of the merged company and job losses.
The company’s boards unanimously turned down the new offer, saying it did not warrant “engagement” with PPG.
Chief executive Ton Buechner said Akzo was “best placed to unlock value within the company ourselves”.
The company said it would “provide updated financial guidance and hold an upcoming investor event soon”.