Packaging giant RPC Group plc has agreed to be acquired by U.S.-based plastics company Berry Global Group.
The decision follows an earlier bid from asset managers Apollo Global Management, a former owner of Berry. Apollo had tendered a bid of £3.3 billion ($4.3 billion) for RPC, but analysts considered this low and expected a counter offer.
The new deal with Berry offer £3.34billion ($4.37 billion), an 11-pence improvement per share on the Apollo offer.
More details on the deal are expected today.
Rushden, England-based RPC makes plastic products in "all five major conversion processes" and has 24,000 employees worldwide. Berry, based in Evansville, Ind., has 23,000 employees with more than 130 locations, most in North America.