British packaging giant RPC Group has given more time to private equity (PE) firms Apollo Global Management and Bain Capital to make firm acquisition bids for the company.
The extension of the deadline comes after RPC extended the original 8 October deadline to 5 November.
Apollo and Bain will now have time until 3 December to either make takeover offers or make their intentions clear that they no longer want to pursue the deal.
RPC confirmed in September that it received interest from both the PE firms. The company has stated that negotiations are currently ongoing with each of the firms.
In a statement, RPC said: “A further announcement will be made when appropriate. There can be no certainty that any offer will be made for the company, nor as to the terms on which any offer might be made.”
RPC is being assisted by Rothschild and Co, Credit Suisse, Jefferies, and Deutsche Bank in their capacity as financial advisors.
Established in 1991, the company designs plastic products in packaging and non-packaging markets.
With a turnover of around £3.9bn, the company has more than 189 operations in approximately 34 countries and employs around 25,000 staff.
The company has grown its global scale and portfolio through acquisitions over the years. The amount spent by RPC in the past two years up to June is estimated to be in excess of $1.5bn, Reuters reported.
However, investors exerted pressure on the company for months to raise cash and reduce spending, following which it identified certain assets for sale.