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RPC's potential private equity bidders granted more time to make offer for the firm

Private equity firms Apollo Global Management and Bain Capital had until 5pm today to make an offer for the packaging firm under the previous deadline.
RPC
It is the second deadline extension since the takeover talks were announced

RPC Group PLC (LON:RPC) said its request for a second extension to the deadline for two potential private equity bidders to make a firm offer for the company has been granted.

Private equity firms Apollo Global Management and Bain Capital had until 5pm today to make an offer for the packaging firm under the previous deadline set by the Panel on Takeovers and Mergers.

But RPC said the Panel has extended the deadline to 5pm on 5 December.

It is the second extension with the original deadline set for October 8.

READ: RPC in early talks with Apollo and Bain about takeover offer for firm

The plastics maker revealed it was in takeover talks with Apollo and Bain Capital in September after facing pressure from investors to raise more cash and cut capital spending.

 In July, the company said it would look at proposed disposals to generate capital for expansion or to return cash to shareholders following investor disagreements over its acquisition strategy.

Meanwhile, accountancy regulator the Financial Reporting Council contacted RPC in connection with its compliance with reporting requirements in June. 



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