Why it matters: Pact is one of the largest packaging companies in Australia
Raphael Geminder owns 50 per cent, and has made a 68¢ offer to buy the rest
Mr Geminder says a turnaround of the struggling group will be easier off the ASX
Raphael Geminder, the billionaire businessman who made his fortune in packaging, wants to take his struggling Pact Group off the ASX in a deal that would value the company at just $234 million.
The maker of plastic bottles and vitamin containers had a sharemarket capitalisation of $1.6 billion two years ago, before the packaging group was crunched by surging inflation in raw materials, and substantial investment in modernising its plants to deliver greener products that were more recyclable.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
