Pact Group’s largest shareholder outside Raphael Geminder has agreed to sell its shares in the packaging company to the billionaire businessman after he increased his offer to take it private to 84¢ a share.

The revised bid, Mr Geminder’s best and final offer, values the company at $289 million, well short of the $480 million it was worth last year. But the new offer is a significant increase on the earlier 68¢-a-share bid.