Second Magic Circle Firm Enters $3.3BN Battle For RPC as Apollo Snubbed
American plastics group Berry Global trumps offer from private equity firm Apollo.
March 08, 2019 at 05:59 AM
2 minute read
Plastic manufacturer, factory worker
Freshfields Bruckhaus Deringer has entered the $3.3 billion takeover fight for U.K. plastics and engineering company RPC.
Partners Piers Prichard Jones and Alison Smith are leading a team advising U.S.-based packaging converters Berry Global Group, which has today (March 8) secured a recommended offer for RPC.
Slaughter and May's head of corporate Andy Ryde and corporate partner Paul Mudie continue to advise RPC, which had initially agreed an offer on January 23 from Rome Bidco UK – a company formed on behalf of funds managed by private equity group Apollo.
But RPC changed sides today in the face of a higher bid from Berry. Apollo's offer valued RPC at £3.3 billion (783p per share). Berry's recommended offer is closer to £3.34 billion (793p per share).
Apollo is using its regular corporate adviser Paul Weiss, which has fielded a team led by partner David Lakhdhir, while fellow Wall Street firm Sullivan & Cromwell advised the private equity house on the UK Governance Code aspects of the deal. English law and corporate finance partner Ben Perry led its team.
Barclays and Citigroup Global Markets continue to act as financial advisers to Apollo, with corporate partners Nick Benham and Will Pearce from U.S. firm Davis Polk & Wardwell advising the banks.
Meanwhile, Ashurst is acting for Berry's financial advisers Goldman Sachs and Wells Fargo, with a team led by finance partners James Fletcher, Tim Rennie and Tom Mercer.
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