Packaging firm moves closer to £3.3bn sale

A deal to sell an East Midlands packaging firm in a £3.3bn deal has taken a step closer.

RPC, which is based in Rushden, looks set to be snapped up by New York head-quartered Apollo Global Management, a private equity firm – although it has confirmed it is still in talks with a second suitor.

The deal would end weeks of talks over the sale of RPC.

In a statement to the London Stock Exchange this morning, RPC said: “RPC announces that a circular containing, amongst other things, a letter from the chairman of RPC, the full terms and conditions of the scheme, a statutory explanatory statement, an expected timetable of principal events, notices of the Court Meeting and General Meeting and details of the action to be taken by RPC Shareholders, together with the related Forms of Proxy, is being published and sent today to RPC Shareholders and, for information only, to persons with information rights and participants in the RPC Share Plans. RPC and the Bidder will also in due course be sending details of the proposals being made to participants in the RPC Share Plans to such participants.”

The move comes after US packaging giant Berry Group tried to gatecrash the deal with its own offer earlier this month.

A statement from RPC today (19 February) said: “RPC continues to engage fully with Berry in accordance with its obligations under the Code and in order to advance discussions in the interest of delivering best value to RPC Shareholders. A further announcement will be made when appropriate. There can be no certainty that any offer by Berry will be made for the company, nor as to the terms on which any offer might be made.”

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