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.
,br>
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
Have your say in the Printweek Poll
Related stories
Latest comments
"Hmmmm, compared to former glories maybe the Bedsit of Print with shared bathroom and kitchen."
"The closures affect Newcastle, Plymouth, Sheerness, Wellingborough sites, with Milton Keynes relocating and redundancies at other locations according to one newspaper."
"Take some advice but maybe you can all join together and take some action to the Directors of Wren Packaging - it's a re-brand so ought to still be connected. A CCJ normally gains a result if..."
Up next...
Manroland Sheetfed partnership
Heidelberg re-enters VLF market
Friends and colleagues remember industry expert
Industry pays tribute to passionate print advocate Jo Lloyd
Deal delivers added expertise
Paragon acquires Service Graphics
Up on last year