Pact Group Holdings takeover bid update

Pact Group Holdings Limited (ASX:$PGH) has announced an update regarding the off-market takeover bid by Bennamon Industries Pty Ltd. The improved payment terms and increased ownership interest are key highlights of the update.

Executive commentary on takeover bid update

We have improved our payment terms under the Offer and will now pay Pact Shareholders who validly accept the Offer within 5 Business Days of receiving your acceptance. Since our last update, our relevant interest has increased to ~85% of Pact Shares on issue. Following Bennamon Industries obtaining a relevant interest in 90% of Pact Shares on issue, Bennamon Industries intends to proceed to compulsory acquisition of the remaining Pact Shares in accordance with the Corporations Act. In this case, you will be paid much later than if you accept the Offer now. Kin Group also intends to have Pact removed from the official list of ASX as soon as it is able to do so.

Summary of Pact Group Holdings takeover bid update

Pact Group Holdings Limited (ASX:PGH) has provided an update on the off-market takeover bid by Bennamon Industries Pty Ltd, highlighting improved payment terms and an increased relevant interest to ~85% of Pact Shares on issue. The company intends to proceed to compulsory acquisition of the remaining Pact Shares in accordance with the Corporations Act upon obtaining a relevant interest in 90% of Pact Shares. Additionally, Kin Group aims to have Pact removed from the official list of ASX. Shareholders are encouraged to act promptly to avoid potential risks associated with not accepting the Offer.