Axalta shares soar 10% premarket after company says it's reviewing strategic options

Axalta Coating Systems Ltd. shares AXTA, +0.08% soared 10% in premarket trade Wednesday, after the paint company said its board has started a review of its strategic options, including a possible sale. The board has formed a committee that will be chaired by its independent presiding director Mark Garrett and will include Chief Executive Robert Bryant and independent director Samuel Smolik.

"Axalta's Board is committed to maximizing value for all shareholders and has initiated a comprehensive review of strategic alternatives, including a potential sale of the Company, changes in capital allocation, and ongoing execution of our strategic plan," Garrett said in a statement.The board has hired Evercore and Barclays as financial advisers and Morrison & Foerster LLP as legal advisor to help with the review.

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