RPC Group PLC's board confirmed that the British packaging maker is in preliminary discussions with Apollo Global Management LLC and Bain Capital LP about a possible buyout.
The confirmation came after Bloomberg News reported Sept. 8, citing people with knowledge of the matter, that RPC Group is considering strategic options, including a possible sale that would take the company into private hands.
Apollo and Bain Capital are required to announce a firm intention to make an offer for RPC Group by 5 p.m. London time Oct. 8. The deadline can be extended with the consent of the U.K. Takeover Panel.
N M Rothschild & Sons Ltd. and Credit Suisse International are serving as joint lead financial advisers for RPC Group. Jefferies International Ltd. and Deutsche Bank AG are serving as corporate brokers and financial advisers for the packaging maker.