Billionaire Raphael Geminder is within striking distance of wrapping up his $289 million takeover for Pact Group Holdings Ltd. (ASX:PGH), but a Christmas share market rally has pushed the share price above his offer. Mr. Geminder's off-market takeover sits just short of the 90% ownership he needs to acquire the remaining shares. However, the recent share market rally and thin trading volumes over the Christmas and New Year holiday have helped lift the Pact share price to 86.5c on Jan.

3, 2024, higher than the 84c price per share offered by Mr. Geminder's private company, Bennamon Industries. Mr. Geminder launched his takeover bid for Pact in September, offering just 68c per share and at the time he was sitting on just over 50% of the company. Later, Pact's independent directors recommended shareholders reject the first bid after an independent expert argued the company was worth between 83c and $1.24 a share.

Mr. Geminder later upped his bid to 84c. The Pact float was the largest IPO in the Australian market in 2013 and at their peak, the shares were trading at around $7, to value the company at $2.4 billion. In its fifth supplementary bidder's statement and variation of takeover bid documents lodged with the ASX on Jan.

3, 2024, Bennamon offered faster payment terms and reported it was now sitting at 85% ownership. It said once it gets to 90% it will move to compulsorily acquire all shares. Mr. Geminder is also considering delisting Pact even if he falls short of the 90% barrier, although this would require ASX and shareholder approval.