23rd Jan 2019 07:33
LONDON (Alliance News) - RPC Group PLC on Wednesday said it has received and agreed to a cash offer from funds managed by Apollo Management IX LP, valuing the plastic packaging company at GBP3.32 billion.
Under the terms of the acquisition, RPC shareholders will receive 782.00 pence in cash per share. They also will be entitled to the previously declared 8.1p dividend to be paid on Friday.
The offer price, together with the dividend, represents a 16% premium to RPC's closing price on September 7, the date before the first approach fro the company's takeover was made.
The deadline for the takeover offer, which was lastly set for Wednesday, has been in fact extended five times before the proposal was agreed by the two companies.
It was first set for October 8 and and then extended to November 5, December 3, December 21, January 18 and January 23.
RPC directors unanimously recommended shareholders to accept the terms of the offer which they consider to be "fair and reasonable".
Chair Jamie Pike said: "The board believes that the offer recognises the quality of RPC's businesses and the strength of their future prospects.
"The board believes that the offer of GBP7.82 per share is a good outcome for shareholders and intends to recommend unanimously that they accept this offer."
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