Shares in takeover target Alesco have been placed in a trading halt as it continues talks with DuluxGroup about its $210 million bid.
Alesco's shares will remain in a trading halt until Wednesday, when the garage door and construction products maker expects to update the market about the takeover talks.
"Alesco advises the reason for the trading halt is to allow Alesco to continue its discussions with DuluxGroup in relation to its conditional off-market takeover bid for all of the ordinary shares in Alesco," Alesco said today.
Alesco's board previously has said it was opposed to paint maker Dulux's offer, which includes 2.05 cents a share in cash plus 18 cents in franking credits.
However, Dulux has managed to convince some of Alesco's largest shareholders to take up its offer and now controls about 41 per cent of Alesco's shares.Alesco's shares last traded at $1.915.
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