3rd Dec 2018 08:29
LONDON (Alliance News) - Plastics products maker RPC Group PLC said Monday takeover talks with private equity firm Apollo Global Management remain ongoing but it has "mutually agreed to terminate discussions" with Bain Capital.
Both Apollo and Bain had until 1700 GMT on Monday to either announce a firm intention to make an offer or walk away from the deal.
RPC requested an extension to the deadline for Apollo, which now has until December 21 to make a firm offer, but Bain's deadline remains this evening.
RPC said it will make a further announcement "when appropriate" and stressed "there can be no certainty" any offer will be made, nor the terms on which an offer might be made.
In September, packaging firm RPC confirmed that both Apollo and Bain had approached it with a potential deal to buy the FTSE 250-listed firm.
The original deadline for Apollo and Bain to either announce a firm intention to make an offer or step away from a deal under UK takeover rules was October 8.
Shares in RPC were down 3.3% Monday morning at 693.00 pence each.
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