Dulux inches closer to Alesco takeover
22 Sep 2012
DuluxGroup is inching closer to gaining control of building products maker and reluctant takeover target Alesco Corporation, after it increased its holding in Alesco Corporation to 49.18 per cent, newspapers reported quoting AAP.
The paint maker said yesterday that its holding in Alesco had surged to 50.2 per cent, just three days following Alesco holding its annual meeting for shareholders.
Dulux had earlier said it would declare its takeover offer unconditional on or after 1 October, once it reached 50.1 per cent.
Dulux added it still planned to declare its offer unconditional to take control of Alesco on 1 October, unless it concluded a deal with the construction products group by then.
Dulux managing director Patrick Houlihan called on the Alesco board to recommend that shareholders accept its $210-million takeover offer, saying he was keen to hold talks immediately.
He said the company's shareholders had spoken - shareholders holding the majority of Alesco shares had shown their clear support for the DuluxGroup offer. He added if the Alesco board recommended its offer before 1 October, the parties could reach agreement to deliver the additional franking credits to Alesco shareholders.