UK-based plastics company RPC Group has agreed to acquire British Polythene Industries (BPI) for £261m.

The proposed offer was based on approximate values of £0.9604 per BPI share, and the closing price of £0.8155 per RPC share on 8 June.

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The deal is yet to receive regulatory clearance.

"The proposed offer for BPI represents a compelling strategic opportunity for RPC to enter the European polythene films market through an established platform."

RPC Group chief executive officer Pim Vervaat said: "With today’s announcement, RPC is taking another important step in delivering its Vision 2020 strategy.

"The proposed offer for BPI represents a compelling strategic opportunity for RPC to enter the European polythene films market through an established platform.

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"The combination will further broaden RPC’s range of polymer conversion technologies in line with global peers, establish a new growth platform with a strong cost synergy potential whilst enhancing the Group’s overall polymer buying capability.

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"I believe the combination of RPC and BPI is an excellent strategic fit and look forward to growing the enlarged platform to continue generating value for our customers and our shareholders."

Established in 1991, RPC is a design and engineering company specialising in polymer conversion in packaging and non-packaging markets.

BPI manufactures polythene products and supplies more than 270,000t of products each year for use in a variety of everyday applications.

The company’s recycling plants reprocess over 73,000t of waste produced from industrial, commercial, agricultural and domestic sources across the UK.