Billionaire Raphael Geminder's attempt to complete a $234 million off-market buyout of packaging company Pact Group Holdings Ltd. (ASX:PGH) is set to fail, despite 13 extensions of his offer. The bid was launched in September last year by Mr. Geminder's Bennamon Industries Pty Ltd, a wholly owned subsidiary of Kin Group, which is his family office. Mr. Geminder founded Pact Group and is the brother-in-law of Australia's richest man, -Anthony Pratt.

At the time of the takeover bid, he owned 50% of the company's shares. The offer was improved in -December from 67.5¢ a share to 84¢ - a 24% premium on his original price. This allowed Mr. Geminder to build his stake to 87.86% on 07 June 2024, still under the 90% threshold needed for compulsory acquisition of the remaining shares.

Pact shares ended trade at 84c each ahead of the offer's scheduled close at 7pm on 07 June 2024. The stock will be in focus when market trade resumes on June 11, 2024 morning. A major hurdle in the takeover bid has been the former owners of coat hangers and retail security tags company Tic Group, David Harris and Mark Gandur, who are in a long-running dispute with Pact over a $30 million earn-out payment.

They have been accumulating shares and refused to sell their combined stake of 6% into the takeover. The dispute is headed for a trial in April 2025 in the Victorian Supreme Court. After the launch of the 14th offer on April 30, Kin Group said it was the ?best and final offer?

and there would be no further extensions to the offer period. The company reiterated that it intended to seek to implement a number of significant changes to how Pact was governed and managed. Kin Group also intends to apply to delist Pact from the ASX which it will be able to do so in 2025.

Given Kin Group owns more than 87% of the company it is likely that this resolution will be carried - irrespective of whether Pact Group has more than 150 shareholders with holdings of at least $500.