BPI has terminated talks with a third party but it is still dismissing Macfarlane's improved offer as inadequate.
Earlier in the week, Macfarlane chief executive Iain Duffin confessed to being puzzled about the emergence of a third party into the bidding for BPI.
If the white knight was around last Thursday when we upped our bid I would have expected the other side to immediately to take some action to bar us from becoming the largest shareholder, he said.
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Duffin admitted there had always been a possibility that another party would enter negotiations at a late stage.
The third party entered the fray over last weekend, and BPI said it was in talks that could lead to a recommended cash offer at a premium to Macfarlanes 310p-a-share bid.
Macfarlane had upped its bid from 250p to 310p last Thursday (30 November). It then received irrevocable acceptances from Baillie Gifford and Deutsche Asset Management, which own 10.2% of BPI between them.
The Glasgow-based packaging group extended its offer to 16 December.
Story by Gordon Carson
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