DuluxGroup extends offer for Alesco

Company News

DuluxGroup Limited (ASX:DLX) has secured almost 30 per cent of its takeover target building material manufacturer Alesco Corporation Limited (ASX:ALS).

The paint maker says its $2.00 per share cash offer has been received positively by Alesco, only one month after Alesco rejected the bid.

Dulux was a 20 per cent shareholder in Alesco when it launched a $188 million bid for all the shares that it does not already own in May.

Managing Director Patrick Houlihan says the company is encouraged by the support for the offer.

DuluxGroup has extended the closing date to August 3, 2012 to enable more Alesco shareholders to accept the offer.

DuluxGroup has reported a net profit of $46 million for the six months to March 2012.