RPC Group in takeover bid by Berry, Apollo

RPC Group in takeover bid

After private equity firm Apollo agreed to acquire UK-based packaging giant RPC Group, US-based packaging compatriot Berry Global Group is considering a cash offer for RPC to outbid the US$4.3 billion offer from Apollo. The offer from the latter was made after months of negotiations.

RPC, Europe’s biggest plastic packaging company, said that it had received a request for information from US-based Berry Global. “The board of RPC confirms that it will engage with Berry in accordance with its obligations under the (Takeover) Code and in order to advance discussions in the interests of delivering best value to shareholders,” RPC said in a statement.

Apollo had offered to pay RPC shareholders, a premium of 25% from RPC’s closing price on 22 January, RPC said in a regulatory announcement.

Last year, RPC Chairman Jamie Pike had said that the company was pressured by investors to sell, adding that this was “constraining the group’s ability to pursue some attractive opportunities for growth”. Following Apollo’s offer, Pike said the agreement was a culmination of the board’s efforts to resolve differing investor views.

RPC was also in talks with another US private equity firm Bain Capital, but ended talks late last year.

RPC was founded in 1999 and produces a range of products from coffee capsules to healthcare products in 34 countries.

Berry Global makes plastic containers, prescription vials and adhesives. Apollo and Graham Partners bought it in 2006 and it was listed in 2012.


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