Packaging firm to be sold to US private equity house for £3.3bn
An East Midlands packaging firm looks set to be sold in a £3.3bn deal.
RPC, which is based in Rushden, will be snapped up by New York head-quartered Apollo Global Management, a private equity firm.
The deal would end weeks of talks over the sale of RPC. Now, the directors of the firm have recommended unanimously to shareholders that they vote in favour of the deal.
RPC said last Friday that the deadline for Apollo Global to make a bid has been been extended until today (23 Janaury).
Jamie Pike, chairman of RPC, said: “The Board believes that the offer recognises the quality of RPC’s businesses and the strength of their future prospects. 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.”