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MELBOURNE - Ansell Ltd said said it has made a bid worth US$42.2 ($61.43) million for all of the shares of Polish-listed Unimil SA.
Unimil is a condom manufacturer and marketer, with a leading retail condom market share in Poland and a presence in Germany through its Condomi subsidiary.
"Since our effort to purchase Unimil last July, Ansell has continued to follow Unimil's progress," Ansell chief executive Doug Tough said.
"We believe the current offer, priced at Polizh zloty 5.90 per share (about 11 per cent higher than the previous offer) will be viewed favourably by Unimil's institutional and private shareholders.
"As previously advised, this acquisition is in accordance with Ansell's announced strategy of making bolt-on acquisitions that broaden our geographic reach."
He said Unimil would give Ansell a significant presence and additional operational flexibility in Eastern Europe.
"It also follows our acquisition earlier this year of 75 per cent of Jissbon, a leading Chinese branded condom company," he said.
The tender offer will remain open for thirty days and is subject to Ansell receiving a 75 per cent acceptance rate.
The acquisition will be paid for from available resources and is expected to be earnings per share neutral in the 2007 year.
- AAP
