Overview of takeover application received by Pact Group Holdings

Pact Group Holdings Limited (ASX: $PGH) has received a takeover application from Manipur Nominees Pty. Ltd., Shriar Consolidated Pty Ltd, Stanningfield Proprietary Limited, and Gandur Superannuation No. 3 Pty Ltd. The application is in relation to the current takeover offer by Bennamon Industries Pty Ltd, a wholly owned subsidiary of Kin Group Pty Ltd.

Executive commentary on the takeover application

The Panel has received an application from multiple entities regarding the recent takeover offer made by Bennamon Industries Pty Ltd for Pact Group Holdings Limited. The applicants have raised concerns about the misleading nature of an email sent by Kin Group to certain shareholders, as well as the intention to delist Pact mentioned in Bennamon's Supplementary Bidder's Statement. The applicants are seeking interim orders to prevent Bennamon from acquiring additional interests in Pact Group shares and processing acceptances into the bid until further order of the Panel. They also seek final orders to allow shareholders to withdraw their acceptance during a specified period and for Pact Group shares acquired by Bennamon on the market to be vested in ASIC for resale.

Summary of takeover application and outlook

Pact Group Holdings Limited has received a takeover application from multiple entities in response to the offer made by Bennamon Industries Pty Ltd. The applicants have expressed concerns about the misleading statements in an email sent by Kin Group and the intention to delist Pact mentioned in Bennamon's Supplementary Bidder's Statement. The Panel has not appointed a sitting Panel at this stage and no decision has been made whether to conduct proceedings. It is important for shareholders and stakeholders to closely monitor the developments related to this application and the potential impact on the takeover offer. The outcome of the application and any subsequent decisions by the Panel could have significant implications for the future direction of Pact Group Holdings and its ongoing affairs.