(Reuters) – RPC Group <RPC.L>, Europe’s biggest plastics packager, said on Monday it was in preliminary talks with alternative investment manager Apollo Global Management <APO.N> and private equity firm Bain Capital about a takeover offer for the company.
Apollo and Bain each have until Oct. 8 to make a firm offer for UK-based RPC or walk away.
Bloomberg reported https://www.bloomberg.com/news/articles/2018-09-08/packaging-maker-rpc-is-said-to-explore-options-including-sale on Saturday that RPC was exploring strategic options.
The group has faced months of pressure from investors to raise more cash and cut capital spending and last month announced it would raise $95 million by selling its Letica food packaging business.
Shares of RPC fell sharply in July after the company said pressure from investors was preventing it from pursuing some growth opportunities.
RPC also said at the time it would prioritise the proposed disposal of some non-core assets as it looks to generate capital for expansion or to return money to shareholders.
RPC had a market capitalisation of 2.78 billion pounds as of Friday and its shares have slid more than 22 percent so far this year.
(Reporting by Arathy S Nair in Bengaluru; Editing by Sai Sachin Ravikumar)