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By Fiona Fraser
Macfarlane packaging group has raised its #92m hostile bid for British Polythene Industries to 310p per share, upping its original offer of 250p. The increased final offer is to be made by Noble Grossart for BPI's issued share capital.
BPI last week shocked Macfarlane into making the decision by offering to buy back 30% of BPI's issued shares at a price of 320p per share, 28% more than Macfarlane's 250p per share offer. The proposal would cost BPI #35.4m. The proposed capital return of 320p would apply to about 11.1 million BPI shares.
In response to the buy-back offer, BPI received undertakings from shareholders in respect of an aggregate of 7,514,900 shares not to accept a price of less than 310p per share, and 320p in...