RPC Group is engaged in preliminary talks with Apollo Global Management and private equity firm Bain Capital regarding a potential sale of the company.

RPC Group has also confirmed reports of a potential takeover originally carried by Bloomberg. In its response to media speculation, the packaging firm has disclosed that Apollo and Bain have until 8 October this year to make a firm offer.

Bloomberg valued RPC at $3.6bn and reported that the company started negotiations after receiving interest from potential buyers, including buyout firms.

In connection with the proposed sale, Rothschild and Credit Suisse are serving as the joint lead financial advisers to RPC, while Jefferies and Deutsche Bank are acting as corporate brokers.

“Apollo and Bain have until 8 October this year to make a firm offer.”

The development follows after RPC signed an agreement last month for the sale of Letica’s foodservice packaging business to Graphic Packaging International for $95m.

In addition, the company noted that preparations are complete for the sale of the spirits closures business in Bridge of Allan, Scotland.

While announcing the financial results for the year ending 31 March 2018, the company identified non-core businesses with an aggregate turnover of £209m for disposal and the board approved the sales.

The company’s net debt rose £90.1m from the corresponding period last year to reach £1.13bn.

Established in 1991, RPC designs plastic products in packaging and non-packaging markets. The company has more than 25,000 employees across 34 countries.