RPC Extends Buyout Talks With Apollo as Bain Drops Out
(Bloomberg) -- RPC Group Plc said it’s narrowed talks with potential buyers to Apollo Global Management after Bain Capital dropped out of the bidding.
The U.S. private equity company has until Dec. 21 to either make an offer or end its pursuit, the Rushden, England-based company, which makes packaging for food and cosmetics, said in a statement on Monday.
Any deal would come amid a wave of industry consolidation and global economic growth. Australia’s Amcor Ltd. agreed to acquire U.S. competitor Bemis Co. in an all-stock deal valued at $5.26 billion and DS Smith Plc agreed in June to buy Spanish packaging supplier Europac. Under Chief Executive Officer Pim Vervaat, RPC has expanded in China and the U.S., while exiting marginal businesses to create a group focused on plastic packaging and components.
“A further announcement will be made when appropriate,” the statement said. “There can be no certainty that any offer will be made for the company, nor as to the terms on which any offer might be made.”
Shares of RPC have declined 21 percent this year, valuing the company at 2.81 billion pounds ($3.6 billion). They traded 3.1 percent lower at 694.80 pence as of 8:22 a.m. in London.
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