Plastics maker Berry says not to raise offer for Britain's RPC
(Adds details on deal's progress, background)
March 22 (Reuters) - Plastics maker Berry Global Group Inc
ruled out further sweetening of its 3.34 billion pound
($4.39 billion) bid for British packaging company RPC Group
, calling the offer final.
RPC Group agreed to the higher takeover offer of 793 pence
per share in cash in early March, ditching a lower bid from
private equity firm Apollo Global Management LLC.
Berry's comments come after analysts said the market was
hoping for a higher offer.
Berry said on Friday it reserves the right to increase the
offer if another party comes with an offer or a possible offer
A source with knowledge of the matter had told Reuters in
January that Apollo would not sweeten its 782 pence per share
Berry said it had made good progress on the deal, adding
that all regulatory filings had been submitted to the relevant
authorities. It expects the deal to close early in the third
quarter of 2019.
U.S. activist hedge fund Elliott Capital raised its stake in
RPC to 7.9 percent, a day after it disclosed a 5.6 percent
stake. Elliott decline to comment on the stake buy.
Berry's bid for RPC is the latest M&A deal in the packaging
sector, which private equity firms have been focusing on for its
stable cashflow and demand from online shopping.
($1 = 0.7611 pounds)
(Reporting by Arathy S Nair in Bengaluru; Editing by Gopakumar
Warrier and Subhranshu Sahu)
First Published: 2019-03-22 09:16:52
Updated 2019-03-22 09:50:55
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