RPC Group PLC (LON:RPC) is in preliminary talks with alternative investment manager Apollo Global Management and private equity firm Bain Capital about a takeover offer for the UK plastics packager.
The news comes as RPC faces pressure from investors to raise more cash and cut capital spending. In July, the company said it would look at proposed disposals to generate capital for expansion or to return cash to shareholders following investor disagreements over its acquisition strategy.
READ: RPC slides as chairman highlights ongoing investor disagreements over acquisitions
A month later it announced it would raise US$95mln from the sale of its Letica food packaging business to Graphic Packaging International.
READ: RPC disposes of non-core Foodservice business
Apollo and Bain have until October 8 to make a firm offer for RPC.