Ansell goes after Polish competitor
GLOVEandcondom maker Ansell is having another shot at buying Unimil, increasing its offer for the Polish condom maker and lowering the minimum acceptance.
Ansell now is offering $US42.2 million ($53.9 million) for Unimil, with a 75 per cent acceptance, up from its original offer made in July, of $US34 million ($43.42 million), with a minimum 80 per cent acceptance.
The original offer was abandoned in August after take-up failed to meet the minimum acceptance requirement.
‘‘Since our effort to purchase Unimil last July, Ansell has continued to follow Unimil’s progress,’’ chief executive Doug Tough said.
‘‘We believe the current offer, priced at Polish zloty 5.90 per share, approximately 11 per cent higher than the previous offer, will be viewed favourably by Unimil’s institutional and private shareholders.’’
Unimil is a condom manufacturer and marketeer, with the leading retail condom market share in Poland and a presence in Germany through its Condomi subsidiary.
‘‘As previously advised, this acquisition is in accordance with Ansell’s announced strategy of making bolton acquisitions that broaden our geographic reach,’’ Mr Tough said.
‘‘Unimil offers leading brands, strong market leadership and good people. Moreover it gives us a significant presence and additional operational flexibility in Eastern Europe.’’
It follows Ansell’s buy earlier this year of 75 per cent of Chinese condom company Jissbon.
At its annual general meeting in Melbourne in October, Ansell said Jissbon was tracking slightly ahead of plan.
But in July the company also warned that analysts’ expectations for its fullyear 2007 earnings per share (EPS), were too high.
Ansell shares yesterday closed down 21 cents to $11.09.