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Ignoring Apollo

Thus Apollo spake unto the directors of the UK’s second-biggest packaging group, RPC (RPC), who were keen to sell their company. Apollo said it would make a distinctly low-ball offer – 782p a share in cash; but they had better take it or leave it because it was the only one the firm would make.

RPC’s directors gave a breathless “oh yes, please” and recommended Apollo’s offer. This has hacked off some of RPC’s institutional shareholders because the offer does look pretty unexciting. However, there is now a second suitor talking to the maker of stuff such as bottles for Heinz tomato ketchup and tins for Dulux paints – Berry Global (US:BERY), a packaging group floated by Apollo in 2012 and in which it still has a stake.

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