RPC Group accepts £3.32bn bid from Apollo Management

The private equity company entered talks with the plastic packaging company back in September

The packaging company has worked on products for Boddy's Pharmacy

Global packaging company RPC Group has accepted a cash offer from private equity company Apollo Management.

Valued at £3.32bn, RPC shareholders will receive £7.82 in cash per share and will be entitled to a 8.1 pence dividend set to be paid on Friday 25 January.

Jamie Pike, RPC’s Chairman, 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 levels of gearing was constraining the group’s ability to pursue opportunities for growth and, as such, putting pressure on RPC’s valuation.”

He added that the offer of £7.82 per share “is a good outcome for shareholders and intends to recommend unanimously that they accept this offer.”

Today RPC operates in 33 countries and employs approximately 25,000 people, making it the largest packaging company in Europe. It works across the personal care, food and beverage sectors.

Talks began in September 2018 but were pushed back on a number of occasions until a decision was reached.

RPC Directors were advised through the acquisition process by Rothschild & Co, Credit Suisse and Evercore.

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