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

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

AkzoNobel in an all-stock deal that will create a paint industry

giant with an enterprise value of $25 billion.

"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.

The pair said they would be interested in speaking with any

other interested buyers.

THE DETAILS

* Artisan Partners wrote that Axalta's decision to combine

with

AkzoNobel came out of the blue

* Axalta executives told investors on the third-quarter

earnings

call that it made sense to allocate all free cash flow to share

repurchases, Artisan's letter said.

* Axalta executives said they "expect to repurchase a

significant

amount of Axalta stock" based on management's confidence in

where the business can go in coming years.

* "We are confident that our pending merger with

AkzoNobel

represents the best alternative to drive substantial long-term

growth and value creation for Axalta shareholders," Axalta said

in a statement.

* Axalta specializes in industrial and car coatings and went

public in 2014.

* Previous deal talks with AkzoNobel failed in 2017.

* AkzoNobel CEO Greg Poux-Guillaume will become CEO of the

combined company.

THE NUMBERS

* Axalta's stock has dropped roughly 15% this year.

* Artisan is a small investor in Axalta.

* The Artisan letter said AkzoNobel's "numbers speak for

themselves. This is a company whose earnings and adjusted

earnings per share are lower over one-, five- and ten-year

periods."

* AkzoNobel did not immediately respond to a request for

comment.