Landis Group's takeover offer for networking distributor Ilion was declaredunconditional today after it announced it owned or controlled 92.8 per cent ofits former rival's shares, at the first closing of the offer.
Landis upped its takeover bid to £40.2 million, or 160 pence per share, onSeptember 15 after an earlier offer of £28 million was rejected by Iliondirectors as too low in July.
Today's announcement represents the conclusion of a six-month campaign by Landisto snap up its troubled rival.
The publicly listed Dutch distributor has had Ilion in its sights since Aprilwhen former Ilion chief Wayne Channon sold his 6.63 per cent stake in thecompany to Landis chief executive Paul Kuiken.
The combined operation will employ around 1100 staff and have an estimatedturnover of £443.4 million (1.5 billion Dutch guilders) for 1999.
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