Apollo's £3.32bn RPC take-private bid approved by directors

The development comes four months after RPC confirmed that preliminary discussions were taking place with Apollo and Bain Capital regarding a potential takeover.

The two GPs initially had until 8 October 2018 to either announce a firm intention to make an offer for the company, or walk away, as per the UK's Takeover Code. However, this was extended on five occasions, with Apollo emerging as the projected owner.

The proposed transaction will value RPC shares at 782 pence apiece, with shareholders entitled to a pre-announced 8.1 pence dividend. Along with the dividend, this represents a 16% premium to the closing price of RPC shares on 7 September, the day prior to when an initial approach was made for the company.

Founded in 1991, RPC designs and manufactures plastic products in packaging and non-packaging markets. It posted a turnover of £3.7bn in the year to March 2018, with pre-tax profit of £315m. It currently has a market cap of £3.28bn.

Barclays and Citi are acting as lead financial advisers to Apollo on the transaction, with BNP Paribas and HSBC also advising the GP. RPC is advised by Rothschild, Evercore, Credit Suisse, Jefferies and Deutsche Bank.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• UK / Ireland
• Industrials
• United Kingdom
• Take Private
• Bain Capital
• Apollo Management
• Barclays
• Citigroup
• HSBC
• BNP Paribas
• Rothschild
• Credit Suisse
• Deutsche Bank