Paintmaker DuluxGroup Limited (ASX:DLX)
is moving in on its $210 million takeover target building material manufacturer Alesco Corporation Limited (ASX:ALS)
DuluxGroup announced its offer has gained 50.1 per cent support from Alesco Corporation after the market closed on Friday.
DuluxGroup says this is a clear demonstration of support for its offer and that it has noted an increasing acceptance momentum from retail shareholders.
In the absence of an Alesco board recommendation DuluxGroup expects to declare its offer unconditional to take control of Alesco on or after next Monday.
DuluxGroup has asked Alesco’s board to recommend the offer before this date so both companies can reach a deal to deliver the extra franking credits to Alesco shareholders.
DuluxGroup posted a net profit of $46 million in the first half of its 2012 financial year.