10/15/2023 0 Comments Pact Group urges shareholders to reject ‘opportunistic’ $234m offer from Kin GroupThe independent directors behind one of Australia’s largest packaging companies, Pact Group Holdings (ASX: PGH), have today urged shareholders to reject an ‘opportunistic’ $234 million offer from Geminder family-owned investment company Kin Group. The bid, which was initially lobbed one month ago, would allow Kin Group to take control of the remaining 50 per cent stake in PGH it does not own. The company was co-founded by Kin Group chairman Ruffy Geminder and his wife Fiona - the daughter of late cardboard king Richard Pratt - in 2002. In a statement released on the ASX today, Pact Group said the offer was made at a time when shares were trading ‘at the low end of the range…over the five years leading up to the date of the offer’. The bid also represents a 4 per cent discount to the volume weighted average trading price per Pact share from when the offer was announced on 13 September to 11 October. “The Independent Expert has concluded that the offer of 68c per Pact Share is neither fair nor reasonable and is below the Independent Expert’s estimated value of a Pact Share of $1.06 to $1.51,” Pact Group said in an ASX statement. www.businessnewsaustralia.com/articles/pact-group-urges-shareholders-to-reject--opportunistic---234m-offer-from-kin-group.html
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