Takeover offer for Pact Group

11 December 2023

UPDATE – 11 December 2023

Pact Group’s Independent Board Committee has unanimously recommended that Pact shareholders accept a revised offer from Kin Group of $0.84 per share, which is a significant increase of 24% on the initial offer of $0.68 a share. The Independent Board Committee believes accepting the revised Kin Group offer of $0.84 per Pact share represents the most attractive outcome available to Pact shareholders, particularly when measured against the risks of remaining as a minority shareholder.

Importantly, the revised offer by Kin Group is within the independent expert’s valuation range (on a minority basis) of $0.83 to $1.24 per Pact share, and Pact’s largest minority shareholder, Investors Mutual Limited, has advised the Independent Board Committee that it intends to accept the revised offer.

Pact’s latest statement released to the ASX is available to read HERE and Kin Group’s Fourth Supplementary Bidder’s Statement is available HERE.

 

13 October 2023

Pact Group Holding’s Limited (‘Pact’) has released a Target’s Statement in response to the unconditional off-market takeover for Pact made by Kin Group’s wholly owned subsidiary, Bennamon Industries Pty Ltd. You can read the full Target’s Statement HERE

 

14 September 2023

Pact Group’s majority shareholder Kin Group Pty Ltd has announced its intention to make an unconditional off-market takeover offer for all of Pact Group’s shares.

Pact’s Board of Directors is not yet in a position to make a formal recommendation to shareholders in relation to the bid. They intend to appoint independent advisers and update shareholders in due course.

Kin Group’s offer must remain open for at least one month after it is sent to shareholders. Pact shareholders will have time to make a decision in regard to the offer.

Kin Group is a private company controlled by current Pact Chair Raphael Geminder, who has recused himself from the Board while this offer process is in progress.

It remains business as usual for Pact’s business activities and operations and we will continue to focus on our circular economy strategy in order to deliver value for our customers, our partners and shareholders.

Pact will continue to grow to become the leading recycling, reuse and sustainable packaging company in Australasia.

Read Bidder’s Statement HERE

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