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

Pact Group Holdings Limited (ASX: $PGH) has received a fifth supplementary bidder's statement from Bennamon Industries Pty Ltd, extending the period for its off-market takeover bid. The offer price has been increased to $0.84 per share, representing a ~24% premium, with unanimous recommendation from the Pact Independent Board Committee to accept the offer.

Pact Independent Board Committee's recommendation

The Pact Independent Board Committee unanimously recommends that shareholders accept the offer, citing the attractive premium, the offer price being within the Independent Expert's valuation range, and the unlikelihood of a higher offer in the short term. They also highlight the risks of remaining as a minority shareholder and the potential delisting of Pact from the official list of ASX by Kin Group.

Summary of takeover bid extension and recommendation

Pact Group Holdings Limited (ASX: $PGH) has received a fifth supplementary bidder's statement from Bennamon Industries Pty Ltd, extending the offer period to 7pm (Melbourne time) on 12 February 2024. The offer price has been increased to $0.84 per share, with a unanimous recommendation from the Pact Independent Board Committee to accept the offer. Shareholders are advised to consider the offer without delay, as the offer price has been declared as final and there are potential risks of not accepting the offer, including the possibility of the share price falling below the offer price and the reduced liquidity levels of Pact. The company's ambitions and goals regarding the corporate strategy and the announcement are to ensure sufficient time for all shareholders to accept the offer and to provide shareholders with liquidity and certainty in the continued unstable macroeconomic environment.