RPC granted one-month extension for talks with Apollo Global and Bain Capital

8th Oct 2018 21:40

(Sharecast News) - RPC Group has obtained an extension from regulators to continue talks with its potential suitors.The new deadline granted by the Panel on Takeovers and Mergers for RPC to conclude talks with Apollo Global Management and Bain Capital was 5 November at 1700 BST.Separately, in a trading update for the six months to 30 September, the company said sales were £1.9bn ahead of those for the comparable year-ago period, on the back of organic growth of approximately 3%.The company also said its margins and operating profits from continuing operations, both before and after exceptionals, had remained in-line with management's expectations for throughout the period.Similarly, the group's financial position was said to remain "strong" with good cash flow seen in the first half and "significant" headroom remaining under its debt facilities.Management was also said to be continuing to progress with the disposal of the businesses that had previously been identified as 'non core'.However, RPC also said it had encountered headwinds due to the time lags involved in price changes for polymers.