The Australian Government's Takeovers Panel declined to conduct proceedings on the application filed by Pact Group Holdings (ASX:PGH) shareholder Jeremy Machet and Scrap Invest, according to a Thursday statement from the regulator.

The application alleged that the company's reasons for a proposed delisting are false and misleading and that the board is not acting in the best interests of shareholders.

Raper also claimed in the application that the delisting exerts substantial coercive pressure on minority shareholders.

The Panel found the proposed delisting did not impact control or a substantial interest in Pact Group Holdings and determined there was no reasonable prospect of declaring unacceptable circumstances, the filing said.

Shares of the company fell 2% in recent Thursday trade.