Alesco rejects Dulux bid

Company News

Alesco Corporation Limited (ASX:ALS) has once again rejected paint maker DuluxGroup Limited’s (ASX:DLX) unsolicited takeover offer.

In an updated target statement, the building material manufacturer says, according to independent experts which it commissioned, the company shares are valued at between $2.23 and $2.52 per share based on its preliminary results for the year to May 31.

Alesco’s chief says DuluxGroup's offer does not “adequately recognise the value of Alesco's strong portfolio of market leading brands and individually valuable businesses."

Dulux who already have a 20 per cent stake in the company, launched a $188 million bid for all the shares that it does not already own in Alesco last month, offering $2.00 per share. Its offer closes on June 26.

In the first half of the 2012 financial year, Alesco Corporation reported a net profit of $7.2 million.