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DuluxGroup extends Alesco takeover offer

 

DuluxGroup has extended its takeover offer for building products group Alesco Corporation by two weeks.

Dulux has written to Alesco shareholders saying that they now have until September 11 to accept its offer, which is worth up to $210 million.

Alesco shareholders previously had set a deadline of August 28.

Dulux's offer is made up of $1.90 in cash and 15 cent fully franked dividends.

In its letter to Alesco shareholders, Dulux said it now held 42.35 per cent of the takeover target's stock after major shareholders decided to accept its offer.

"This reflects very strong support from Alesco shareholders, including professional investors," Dulux said.

"Given this strong support, DuluxGroup has decided to extend the closing date of its offer to 11 September 2012 to allow you to also accept if you haven't already done so."