DuluxGroup Takeover of Alesco Corporation Looking More Likely

The marathon six month takeover battle for Alesco Corporation (ASX:ALS) by DuluxGroup (ASX:DLX) is looking more likely to go ahead. Alesco has been placed in a trading halt.

• Alesco Corporation, the takeover target, has placed its shares on a trading halth ahead of talks with DuluxGroup about its $210 million takeover bid for the company.
• The trading halt announcement said: "This proposal, if accepted by DuluxGroup, includes the possibility of an additional fully-franked dividend of up to 27 cents per share for all shareholders as part of the offer. There is no certainty that any agreement can be reached in relation to the proposal."
• The halt will stay in effect until Friday September 29.
• Dulux currently owns a 54.07 percent shareholding in Alesco.
• Three days before Dulux AGM, it had announced last week that it had acquired 50.2 percent in the company.
• Dulux's $2.05 per share offer includes up to 42 cents a share of fully-franked dividends.
• However Alesco has said that it will only support the takeover if they included a fully-franked dividend of up to 75 cents a share.
• Dulux has said that it would declare its takeover offer unconditional on or after October 1, once its ownership stake in Alesco reaches 50.1 percent.