Geminder's Kin group increases majority stake in Pact Group

The news: Raphael Geminder's Kin Group and subsidiary Bennamon Industries have increased their majority stake in packaging solutions company Pact Group, after the target's board recommended the off-market bid on Monday.

The numbers: It is understood more than 1000 Pact shareholders sold their stocks to Bennamon. Kin Group and its subsidiaries Bennamon and Salvage Pty Ltd now own 60.2% of Pact. The packaging company's share price rocketed at the beginning of the week after Bennamon offered 84 cents per share for the company, where it continued to trade on Wednesday morning.

The context: It was a case of second time lucky for Bennamon, after its November bid of 68 cents was rejected by Pact's board.