danny3,
I have to agree with you that 45c is a great price but I suspect they could have offered 45c for all shareholders and taken out the company. It's not that Ruffy hasn't got the cash to do so when he has revenue and assets of over $1b in his packaging business.
I suspect that this is a play to control market share and he will probably just sit at 48% and let the business continue on. He has massive synergies if he takes the manufacturing of bottles & closures (50% of the business) and brings them back into PACT's manufacturing facilities.
CVC I suspect has flagged they want out for some time and Ruffy didn't want the business to end up being majority controlled by a competitor.
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