Value of packager slashed by £192m

TRADERS wiped £192m off RPC after one of its suitors pulled out of a battle to buy the packaging firm.

Private equity firm Bain Capital abandoned the race for the Northamptonshire company, leaving fellow US investor Apollo Global Management as the sole known bidder.

It triggered disappointment among investors who had been hoping the takeover fight would push up the price for buying RPC.

Shares in the firm – which has 188 operations in 33 countries and employs around 20,000 staff – dropped 6.6pc, or 47.2p, to 669.6p.

RPC said yesterday that discussions with Apollo are continuing.

The packaging company has extended the deadline for Apollo to name an offer to December 21, the Friday before Christmas.

RPC declined to comment on why the takeover talks with Bain had fallen through.