Plastic packaging giant RPC confirms buyout talks and shares soar
Plastic packaging giant RPC has confirmed talks with private equity firms over a potential takeover, sending its shares soaring by more than 20 per cent.
The company's board said this morning that “preliminary discussions” were being held with Apollo Global and Bain Capital over a possible takeover and said they had until 8 October to make a firm offer.
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Shares in the FTSE 250 company, one of Europe's largest plastic packaging manufacturers, are still down more than 6 per cent for the year, following increased regulation of plastic waste.
A global campaign to ban single-use plastics to protect the oceans has led to market concerns throughout the year.
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In July RPC said it would look at disposals to generate capital following investor disagreements over its acquisition strategy.
Last month the company said it would raise $95m (£73m) from the sale of its Letica food packaging business to Graphic Packaging International.