IEL'S ACMEX UNIT TO BID FOR CHEETHAM <Industrial Equity Ltd> (IEL) unit <Acmex Holdings Ltd> said it proposed to make a formal takeover offer for all the issued capital of <Cheetham Ltd>, a producer of salt, animal feed and seeds. Acmex said in a statement it would offer one share for every two Cheetham shares or 3.40 dlrs cash for each share. Acmex said it was presently entitled to 5.1 mln Cheetham shares or 16.85 pct of its 30.27 mln issued shares. The scrip offer values Cheetham at about 110 mln dlrs, based on Acmex's current price of 7.20 dlrs, and the cash offer at about 104 mln. Cheetham last traded at 3.10 dlrs.