The packaging group’s shares traded as high as $4.55 in 2021, but have slid to just 68¢. Mr Geminder said the ASX-listed company had low institutional support.
Raphael Geminder owns 50 per cent, and has made a 68¢ offer to buy the restRaphael Geminder, the billionaire businessman who made his fortune in packaging, wants to take his struggling Pact Group off the ASX in a deal that would value the entire company at just $234 million.
Mr Geminder, who holds 50.004 per cent of Pact, has made the offer at 68¢ per share, a small premium to the 67.5¢ per share at which Pact closed on Tuesday. The company has been a poor investment for Mr Geminder – who has a fortune of some $1.3 billion, according to the Financial Review Rich List – particularly over the last two years.
Raphael “Ruffy” Geminder is the biggest shareholder in Pact Group and has moved to end its time on the ASX. 65 per cent of Pro-Pac Packaging, and a 4.5 per cent stake in skincare and make-up distributor McPhersons.in 2002 after Mr Geminder engineered the management buyout of several underperforming assets from the billionaire Pratt family’s Visy Industries. The Kin Group said Pact was no longer in the SIt warned there was uncertainty about the prospects of any dividend payouts in the short to medium term. Pact scrapped a final dividend payout after slumping to a loss of $6.
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