RED BANK, N.J. (Dec. 27) — Ansell Ltd. has increased its offer to about $42.2 million to purchase the shares of Polish condom maker Unimil S.A.
The bid is Ansell´s second in a five-month span. In mid-July, the surgical rubber latex glove and condom manufacturer made a tender offer to buy Unimil for $34 million.
That bid was not accepted by 75 percent of Unimil´s stockholders, a requirement of the proposed deal. The new offer has the same 75 percent acceptance stipulation.
Ansell officials believe that by boosting the bid price 11 percent, the offer "will be viewed favorably by Unimil´s institutional and private shareholders," CEO Doug Tough said. He said the Unimil purchase would give Ansell "leading brands, strong market leadership and good people."
It also would give the Red Bank-based company a greater presence and more flexibility in eastern Europe, he said.