News: DuluxGroup lowers takeover offer

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DuluxGroup Limited (ASX:DLX) has responded to its takeover target Alesco Corporation Limited’s (ASX:ALS) results and dividend announcement which it made yesterday.



Dulux says the results demonstrate Alesco’s underperformance and uncertain outlook and criticised the building material manufacturer for not providing an earnings guidance for full year 2013.



Alesco reported a full year loss of $13.9 million and fully franked dividends of $0.15.



As a result Dulux has lowered its offer which now stands at $2.05 cash, to be divided as $1.90 in cash plus $0.15 in franking credits.



In the first half of its 2012 financial year DuluxGroup generated a net profit of $46.3 million.