Apollo will buy British packaging manufacturer RPC for 3.32 billion pounds


British RPC Group Inc., one of the largest manufacturers of plastic packaging in Europe, accepted the offer of the Apollo direct investment fund, the fund will buy RPC for $4.29 billion or 3.32 billion pounds sterling. RPC shareholders will receive 782 pence for each share and dividends worth 8.1 pence per share. The company accepted the Apollo offer due to the current economic situation, which creates risks for the business. The RPC purchase by the fund will add a 16% premium to the value of the company's shares at the auction, which will take place on September 7. The company increased revenue by 36% in the current fiscal year to 3.75 billion pounds ($4.83 billion). The company's profit increased by 92%. At the last auction on Wednesday, RPC shares rose in price by 4.8%.

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