Berry Global Group has been given slightly less than a month to decide whether or not it will move to purchase RPC Group.
Last month, plastics firm Berry, based in Evansville, Indiana, tabled a rival bid to the £3.3bn offer put forward by asset managers Apollo Global Management. The Apollo bid was tentatively accepted by RPC.
The offer from Apollo represents 782p per share, a 16% premium over the RPC share price as of September 7, the last day before the start of the offer period.
Berry now has until March 13 to finalise it’s offer, or walk away from the deal. The ‘put up or shut up’ deadline will be nullified if another company announces a firm intention to buy RPC.
FTSE 250-listed RPC has accepted the Apollo offer due to risks posed by the “current political and macro-economic environment”.
The takeover regulator said that both RPC and Berry had accepted the ruling and the deadline put forward by the panel.
RPC is continuing to engage with Berry, but there is no certainty an offer will be forthcoming.