19th Feb 2019 08:40
LONDON (Alliance News) - The UK Takeover Panel ruled that Berry Global Group Inc must announce its intention to make an offer for plastic packaging manufacturer RPC Group PLC by March 13.
If Berry fails to announce a firm offer, or the decision to back off from the takeover, within that deadline, RPC's takeover from Apollo Global Management will go on.
In January, RPC agreed terms with funds managed by Apollo Global Management for a GBP3.32 billion cash offer for the company.
However, a week later, RPC entered talks with New York-listed Berry Global, which asked for material to conduct due diligence but stressed it had not decided whether to make an offer yet.
Back then RPC said it would engage with Berry in order to advance discussions "in the interests of delivering best value to shareholders".
RPC shares were trading up 0.1% at 794.60 pence each.
Related Shares:
Rpc Group