The former owners of a coat hangers business who are in a long-running dispute with Pact Group over a $30 million earn-out payment are proving to be a thorn in Rich Lister Raphael Geminder’s takeover bid for Pact.

Mr Geminder is stuck at around 86 per cent of Pact, the packaging group which he made a buyout bid for in mid-September. Mr Geminder, who owned 50 per cent of Pact at that point, increased the takeover offer from an original 68¢ per share to 84¢ per share in early December.