In early 2013, Grace Matthews published a white paper titled North American Architectural Coatings: The End Game? In it, we discussed the recent acceleration in architectural coatings mergers and acquisitions (M&A) and likened the "Big Four" 一 at the time Sherwin-Williams, PPG, Masco and Valspar - to the final table of a poker tournament. Today, with Sherwin- Williams going "all-in" with its acquisition of Valspar, PPG's unsuccessful attempt to acquire Akzo, and now with several companies courting Axalta, M&A activity in coatings is heating up again, and we thought it would be timely to review the M&A activity in the North American coatings industry that has taken place in the years since that report was published, and share our thoughts on the outlook
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