Reichhold Chemical rejected Dainippon’s offer.

The company’s directors called Dainippon Ink & Chemicals’ $52.50-a-share tender offer inadequate and said they would examine a possible merger with other parties. In a news release, Reichhold said its board noted that other parties had expressed interest in acquiring Reichhold and that it authorized management to “explore those inquiries and develop all other superior alternatives.” Reichhold did not say who had expressed interest in buying the company.