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D-day for Apollo Global Management to 'put up or shut up' with offer for RPC

The takeover offer deadline has been extended each month since September but the absence of a comment today suggests this is the final furlong, according to Peel Hunt
RPC
Shares in the plastic packaging firm fell 2.3% around noon

RPC Group PLC (LON:RPC) shares declined as the takeover decision deadline for potential suitor Apollo Global Management approaches.

Apollo has until Friday evening to “put up or shut up” with an offer for the plastics packaging firm after extending the deadline several times since September.

READ: RPC says takeover decision deadline for potential suitor Apollo Global Management extended to 18 January

“Since September, this has been extended each month, but the absence of a comment this morning suggests that this is the final furlong,” Peel Hunt analyst Harry Philips said.

“As we have discussed before, the ultimate absence of a deal will be seized upon by the bears in terms of the supposed quality of the numbers, but our view is that Apollo would not have remained engaged for such a length of time if that was a real issue.

"The clock ticks and I will have to make sure that my mobile has some battery life.”

Peel Hunt maintained a 'buy' rating and target price of 1,230p on RPC.

Last month, RPC said talks were “well advanced” and Apollo had confirmed that due diligence was substantially complete.

Shares fell 2.3% to 699p around noon.

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