Pact Group Holdings (ASX: $PGH) off-market takeover bid update

Pact Group Holdings Limited (ASX: $PGH) has announced a three-week extension to the Offer Period for an off-market takeover bid by Bennamon Industries Pty Ltd. The Offer will now close at 7.00 pm (Melbourne time) on 22 March 2024, unless further extended. Kin Group and its subsidiaries currently own 86.98% of Pact, and they have expressed their intention to delist Pact as soon as possible.

Kin Group's intentions and risks for minority shareholders

Kin Group, the majority shareholder of Pact, has outlined its intentions following the potential delisting of Pact. These include exerting control over decision-making, appointing Kin Group nominees to the Pact Board, and maintaining the suspension of dividends for the foreseeable future. They have also highlighted the risks for minority shareholders, such as the likelihood of a fall in Pact's share price once the Offer closes and reduced share trading liquidity.

Summary of Pact Group Holdings (ASX: $PGH) off-market takeover bid extension

Pact Group Holdings Limited (ASX: $PGH) has extended the Offer Period for an off-market takeover bid by three weeks, with the Offer now set to close on 22 March 2024. The majority shareholder, Kin Group, intends to delist Pact and has outlined its plans to exert control over the company's business decisions. Minority shareholders are urged to consider the risks associated with remaining shareholders, including the potential fall in share price and reduced share trading liquidity. The company's outlook includes the delisting of Pact, subject to ASX guidance, and the potential impact on shareholders' ability to trade shares on the ASX.