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.