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Packaging mogul Ruffy Geminder is considering next steps in his $172 million takeover offer for McPhersonâs after the consumer products group received a counter offer from pharmaceutical company Arrotex.
Arrotexâs unsolicited indicative non-binding offer is pitched at $1.60 a share, compared with Mr Geminderâs $1.34 a share offer, which has been denounced as âutterly opportunisticâ by the McPhersonâs board.
Raphael âRuffyâ Geminder is considering his next steps after his $1.34 a share offer for McPhersonâs was pipped by a $1.60 offer from Arrotex. Â
Josh Robenstone
Arrotex is offering to buy all the shares, through a scheme of arrangement, while Mr Geminderâs Kin Group subsidiary Gallin has appointed Evans & Partners to stand in the market and buy shares until the close of trade on May 10.