U.S.-based private equity firm Apollo Global Management has agreed to buy European packaging giant RPC Group plc for £3.32 billion ($4.3 billion).
Apollo has offered to pay shareholders £7.82 ($10.19) per share in cash, a premium of 25 percent from RPC's closing price on Jan. 22, RPC said in a Jan. 23 announcement.
The offer came after months of negotiations between the two companies and has been hailed by RPC Chairman Jamie Pike as a "good outcome."
"The board believes that the offer recognizes the quality of RPC's businesses and the strength of their future prospects," he said.
The move to sell the Rushden, England-based company began last year, in response to what Pike described as pressure by investors.
"Pressure on the company's market valuation and differing investor views on the appropriate level of leverage is constraining the group's ability to pursue some attractive opportunities for growth and your board is working to resolve this," Pike said in a trading statement in July.
Following the buyout offer, Pike said the agreement with New York-based Apollo was the culmination of the board's efforts to resolve differing investor views.
"The board believes that the offer ... is a good outcome for shareholders and intends to recommend unanimously that they accept this offer," he added.