DuluxGroup's offer unanimously recommended

Company News

DuluxGroup Limited’s (ASX:DLX)$2.05 per share cash offer has been unanimously recommended by the board of Alesco Corporation Limited (ASX:ALS).

Alesco directors are expected to accept the offer for all of the shares they own within five working days unless a superior offer is received in that timeframe.

As part of the recommended offer Dulux will allow Alesco to determine an additional fully franked special dividend of up to $0.27 per share when their interest in the company reaches 90 per cent.

Dulux group CEO Patrick Houlihan says the timely resolution of the ongoing negotiations will provide certainty for Alesco and its employees.

DuluxGroup posted a net profit of $43 million for the first half of 2012.