October 13, 2023
(press release)
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Pact Group Holding’s Limited (‘Pact’) has released a Target’s Statement in response to the unconditional off-market takeover for Pact made by Kin Group’s wholly owned subsidiary, Bennamon Industries Pty Ltd. You can read the full Target’s Statement HERE 14 September 2023 Pact Group’s majority shareholder Kin Group Pty Ltd has announced its intention to make an unconditional off-market takeover offer for all of Pact Group’s shares. Pact’s Board of Directors is not yet in a position to make a formal recommendation to shareholders in relation to the bid. They intend to appoint independent advisers and update shareholders in due course. Kin Group’s offer must remain open for at least one month after it is sent to shareholders. Pact shareholders will have time to make a decision in regard to the offer. Kin Group is a private company controlled by current Pact Chair Raphael Geminder, who has recused himself from the Board while this offer process is in progress. It remains business as usual for Pact’s business activities and operations and we will continue to focus on our circular economy strategy in order to deliver value for our customers, our partners and shareholders. Pact will continue to grow to become the leading recycling, reuse and sustainable packaging company in Australasia. You can read Pact Group’s full ASX statement HERE.UPDATE – 13 October 2023
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