Billionaire Raphael Geminder's buyout offer for the other half of Pact Group has been labelled 'opportunistic' by independent directors who say shareholders should reject it because the 68c per share offer is too cheap.
Independent directors say Raphael Geminder’s offer is opportunistic, with the shares, valued between $1.06 and $1.51, being well under a 68¢ a share bid.
Source: afr.com