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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.
Ruffy Geminder steps up pressure on McPherson s afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.
âTotally inadequateâ: Fight over beauty firm McPhersonâs turns ugly
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A war of words has erupted between takeover target McPhersonâs and rich lister Raphael Geminder over a $172 million takeover bid lobbed in late March, with both sides refusing to budge from their respective positions.
The ASX-listed beauty company told shareholders on Thursday to take no action on the takeover bid pitched by Gallin, a subsidiary of Mr Geminderâs family office Kin Group, labelling the offer âutterly opportunisticâ as it undertakes an operational review of the business.
Markets Live, Thursday 8 April, 2021 smh.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from smh.com.au Daily Mail and Mail on Sunday newspapers.