Packaging mogul Ruffy Geminder is considering next steps in his $172 million takeover offer for McPherson’s after the consumer products group received a counter offer from pharmaceutical company Arrotex.

Arrotex’s unsolicited indicative non-binding offer is pitched at $1.60 a share, compared with Mr Geminder’s $1.34 a share offer, which has been denounced as “utterly opportunistic” by the McPherson’s board.