Melbourne businessman Raphael Geminder is on track to secure complete control of the struggling packaging company, Pact Group.

Geminder's Kin Group announced a stake increase to 85%, accelerating payments for shareholders who accepted the revised bid of 84 cents per share, up from the initial offer of 68 cents in mid-September 2023.

Despite the stock closing at 86 cents, Geminder's offer valued Pact at $289 million.

Kin Group cautioned remaining shareholders that crossing the 90% mark would trigger compulsory acquisition and subsequent delisting from the ASX.