Dulux extends Alesco offer timeframe

Question

Paint firm DuluxGroup has extended the timeframe for its $188 million takeover offer for renovation group Alesco.

Alesco's board last week rejected DuluxGroup's offer, deeming it too low.

DuluxGroup on Tuesday said its offer to Alesco shareholders of $2 per share would remain open to July 20, from the previous closing date of June 26.

Alesco, which supplies garage doors, construction products and cabinet and window products, has said an independent expert valued the company at between $2.23 and $2.52 per share.