Australian paint maker DuluxGroup is on track to be taken over for $3.8 billion by Japan-based Nippon Paint Holdings.
The DuluxGroup board has unanimously recommended to shareholders that they accept the offer — $9.80 per share which includes an interim dividend of 15 cents per share. The Japanese company is prepared to pay a 27.8 per cent premium for the Australian company, as DuluxGroup's shares last traded at $7.87 on Tuesday.
The takeover is subject to approval by shareholders, the courts and the Foreign Investment Review Board.
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