8th Oct 2018 17:36
LONDON (Alliance News) - RPC Group PLC said Monday an extension has been granted by the UK Panel on Takeovers and Mergers allowing private equity firms Apollo Global Management and Bain Capital to continue their discussions with RPC over potential offers for the company.
RPC said discussions with Apollo and Bain "remain ongoing" and the two companies now have until November 5 to make an offer from the FTSE 250-listed plastic packaging maker.
The plastics product designer and engineering also said, in a separate announcement, its revenue from continuing operations for the six months ended September was GBP1.9 billion, which included about 3% organic growth.
In the first half of 2017, RPC's revenue was GBP1.88 billion.
RPC's margins and operating profitability remain in line with management expectations. Polymer price changes remain subject to pass-through mechanisms which have resulted in a headwind in the period.
The company believes its financial position remains "strong" with "good" cash flow development seen in the first half.
RPC also said the USD95.0 million disposal of Letica Foodservice Business to Graphic Packaging has now been completed.
Shares in RPC closed down 4.2% at 779.60 pence each.
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