Rushden-based plastic packaging firm agrees to £3.3bn offer

shutterstock.com/Natee Meepian

Rushden-based plastic packaging firm, RPC, has agreed to an offer of £3.3bn for the sale of the group.

The boards of directors of Rome UK Bidco Limited, a newly incorporated company formed on behalf of funds managed by Apollo, and RPC Group announced the agreement today (23 January).

The RPC Directors, advised by Rothschild & Co, Credit Suisse and Evercore as to the financial terms of the acquisition, “consider the terms of the Acquisition to be fair and reasonable.”

Commenting on the Acquisition, 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.”