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RPC Group has agreed to a higher takeover offer from Berry Global worth £3.34 billion.
RPC Group has agreed to a higher takeover offer from Berry Global worth £3.34 billion.

British plastic packaging firm RPC has recently agreed to a “superior” takeover offer from US plastic group Berry Global in favor of an earlier bid from private equity firm Apollo Management. 

Berry swooped in last month to gate-crash Apollo’s £3.3 billion offer, which RPC had originally accepted.

However, according to a statement by Berry, RPC’s board “unanimously recommended the superior offer by Berry” to shareholders, which values the company at £3.34 billion. Shareholders would get 793 pence per share in cash, or 11 pence more than Apollo’s offer.

The proposed transaction, which is subject to customary closing conditions, is expected to close early in the third quarter of calendar year 2019.

“We are extremely excited about the opportunity to welcome the team and global capabilities of RPC to the Berry organization. We are highly impressed by the tremendous depth of talent and resources embedded within RPC, and are looking forward to the opportunity to strengthen our combined platform with the wealth of experience and expertise this team has to offer,” said Tom Salmon, Chairman and CEO of Berry.

Berry and RPC are two companies with complementary plastic packaging product offerings and strong cultural compatibility. The combined company will have combined revenue of approximately US$13 billion and approximately 48,000 employees across six continents.

Berry has secured a fully-committed debt financing package to fund the transaction, and intends to utilize the enhanced free cash flow of the combined business to reduce leverage quickly from expected pro forma net leverage of approximately 5.0x at close. As part of the transaction, Berry expects to generate approximately US$150 million of annual cost synergies.

Headquartered in Evansville, Indiana, Berry is a global supplier of a broad range of innovative non-woven, flexible, and rigid products used every day within consumer and industrial end markets.

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