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MENAFN - ProactiveInvestors - Australia - 18/12/2012

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(MENAFN - ProactiveInvestors - Australia) Alesco Corporation (ASX: ALS) is set to be acquired by DuluxGroup (ASX: DLX) after the paint giant reached a 90.1% interest in Alesco.

Dulux launched an all cash takeover offer for the building products supplier in May this year, with the acquisition expected to increase earnings diversification across end markets and products.

The initial offer was for 2 per share, however following extensive negotiations between Dulux and Alesco and a number of revised offers, the offer was amended to 2.05 per share, comprising 1.63 cash per share and 0.42 in fully franked dividends.

Dulux will now move to compulsorily acquire the remaining shares in Alesco.

Dulux previously established new debt facilities totalling 270 million which, together with unused capacity within existing facilities, will be used to fund the proposed acquisition.

 






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