NEW YORK, Nov 19 (Reuters) - Investor Artisan Partners

is unhappy with Axalta Coating Systems' ( AXTA ) plan to combine

with AkzoNobel in an all-stock deal that would create

a paint industry giant with an enterprise value of $25 billion,

according to a letter to shareholders.

"As an Axalta shareholder, we believe the only proper

response to this proposed transaction is an absolute and

resounding "NO," Artisan Partners fund managers Daniel O'Keefe

and Michael McKinnon wrote in a letter to Axalta shareholders,

which was seen by Reuters.

The pair also said they would interested speaking with any

other interested buyers.