Berry Global gets green light for £3.3bn RPC deal
Berry boss Tom Salmon hailed the ‘transformational combination’.
US firm Berry Global has secured the backing of RPC to take over the British plastic packaging maker in a £3.3 billion deal.
It comes as RPC withdraws a previous recommendation that shareholders accept a rival bid from private equity giant Apollo.
FTSE 250-listed RPC has opted for Berry’s 793p per share deal versus Apollo’s 782p offer.
RPC chairman Jamie Pike said: “The combination of RPC and Berry would create a leading global plastics products design and engineering company and represents a strong strategic fit.
“Both companies are highly complementary in terms of product portfolio, customer base, polymer conversion technologies and geographic footprint.”
Berry is also a plastic packaging specialist and its boss Tom Salmon hailed the “transformational combination”.
“We are extremely excited to welcome the deep and experienced RPC team, along with their differentiated global platform, to the Berry organisation.
“This transformational combination will create a strong global leader in plastic packaging and recycled solutions that enhances our organic and inorganic growth opportunities moving forward.”