Berry Global muscles in on RPC deal

Berry Global Group has barged in on Apollo’s £3.3 billion takeover deal for plastic packaging maker RPC, saying it is considering tabling a rival bid for the firm.

Just a week after the US private equity giant had its 782p-per-share offer accepted, Berry Global said it has now asked for material to conduct due diligence on RPC.

However, Berry Global, also a plastic packaging specialist, has not yet decided whether to make an offer.

The firm said in a statement: “Berry announces that it is considering a possible offer in cash for RPC and has requested due diligence information from RPC for this purpose.

“This announcement is not a recommendation or a solicitation of an offer to sell securities of RPC.

“Accordingly there can be no certainty that an offer will be made by Berry to acquire RPC. A further announcement will be made as and when appropriate.”

Apollo’s deal, which also included a dividend of 8.1p a share, represents a 16% premium to RPC’s closing share price on September7, the last day prior to the start of the offer period.

RPC said it accepted Apollo’s offer in light of risks to the business posed by the “current political and macro-economic environment”.

RPC shares were 4.5% higher in early trade on Thursday at 800p each.