BPI still claims Macfarlanes offer is unattractive despite its rival raising its bid to 310p per share.
Macfarlane said it had secured irrevocable undertakings of acceptance for 12.4% of BPIs issued share capital.
The BPI board said Macfarlanes revised offer still did not take into account the value created by BPIs restructuring programme.
It also claimed the new offer would be highly tax inefficient for many of BPIs private shareholders and recommended shareholders to reject it.
BPIs board will visit its institutional shareholders over the next few days to try and secure their support.
This latest takeover twist was prompted by last weeks surprise offer by BPI to buy back 30% of its shares for around 35m, pricing them at 320p (PrintWeek, 24 November).
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