Why it matters: Pact Group is one of Australia’s largest packaging manufacturers.
The independent directors of Pact say a 68¢ buyout is ‘neither fair nor reasonable’.
Pact shares are worth $1.06 to $1.51.
The independent directors of ailing packaging group Pact Group have told shareholders to reject a takeover bid by Rich Lister Raphael Geminder, who already owns just over 50 per cent of the company.
An independent board committee, led by director Michael Wachtel, has told the remaining shareholders to reject the 68¢ a share offer made by Mr Geminder in mid-September because independent expert Kroll Australia had valued the shares at between $1.06 and $1.51.
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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
