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Berry Global, RPC Group Reach Terms On Recommended Cash Offer - Quick Facts

Berry Global Group announced the boards of Berry Global International Holdings Limited and RPC Group Plc (RPC.L) have reached agreement on the terms of a recommended superior cash offer for RPC Group by an indirect wholly-owned subsidiary of Berry Global Group. Under the terms of the acquisition, each RPC shareholder will be entitled to receive: in respect of each RPC Share: 793 pence in cash. The consideration represents an aggregate value of 3.34 billion pounds for RPC's issued and to be issued share capital.

RPC announced that it has withdrawn its recommendation of the Apollo offer and that it proposes to adjourn the shareholder meetings convened for 20 March 2019 to consider the Apollo offer. The RPC Directors recommended unanimously that RPC shareholders vote in favour of the Scheme at the Court Meeting. The Scheme is expected to become effective early in the third quarter of 2019.

Jamie Pike, Chairman of RPC, said: "The Board of RPC is pleased to recommend Berry's cash offer for the Group which is at an 11 pence per share premium to the Apollo proposal and provides shareholders with significant value in cash for their shares. The combination of RPC and Berry would create a leading global plastics products design and engineering company and represents a strong strategic fit."

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