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23 Jan 2019 | 07:24

RPC accepts £3.32bn takeover bid from Apollo Management

Plastic packaging supplier RPC Group said it had accepted a £3.32bn takeover bid from private equity firm Apollo Management.

Apollo offered 782p in cash for each RPC share after making an initial approach last September.

RPC said the offer represented a 15.6% premium to its shares' closing price on 7 September and a value of £3.32bn for its issued and to be issued share capital.

'The board believes that the offer recognises the quality of RPC's businesses and the strength of their future prospects,' chairman Jamie Pike said.

'In July I stated that differing investor views on the appropriate level of gearing was constraining the group's ability to pursue opportunities for growth and, as such, putting pressure on RPC's valuation.'

'I also said that the board was working to resolve this situation.'

'Today's announcement is the culmination of that process.'

'The Board believes that the offer of £7.82 per share is a good outcome for shareholders and intends to recommend unanimously that they accept this offer.'

Story provided by StockMarketWire.com
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