US/Europe Event-Driven Analyst

John DeMasi

CFA, CPA (New York State, status: inactive) with 20+ years on buyside (PM & analyst) at numerous hedge funds and proprietary trading desks in NYC and London, covering North American and European event driven investments.

Event-Driven

<a href="https://www.smartkarma.com/entities/22119" target="_blank" data-smartkarma-citation="entities:22119:1">RPC Group PLC (RPC LN)</a> ("RPC" or the “Company”) is a leading global plastic products design and engineering company based in Rushden, Northamptonshire, less than two hours north of London, and has over 188 operations in 33 countries with FYE March ’18 sales of £3.75 billion. RPC’s products are used in food and non-food packaging, including in beverage, health care and personal care.
After media speculation, RPC confirmed on September 10, 2018 that preliminary discussions were taking place with each of Apollo Global Management (APO US) and Bain Capital which may result in an offer for the Company. After five “put up or shut up” ("PUSU") extensions, the Company issued a Rule 2.7 <a href="https://www.rpc-group.com/~/media/Files/R/RPC-Group/documents/reports-and-presentations/offer-for-rpc-group-plc/announcement-2-7-recommended-final-cash-offer-for-rpc-group-plc-23.pdf" target="_blank">announcement</a> of a recommended final cash offer for RPC Group PLC by a unit of Apollo on January 23, 2019 for 782p cash per share intended to be implemented by way of a scheme of arrangement.
The price of 782p was a disappointment to some, with two institutional shareholders, Aviva, with 1.93% and Royal London Asset Management, with 1.44%, expressing disappointment with the offer valuation.
On January 31, 2019 Berry Global Group, Inc. a former Apollo Global Management portfolio company, announced it was considering a possible cash offer for RPC and has requested due diligence information from RPC for this purpose. RPC responded with a release confirming it will engage with Berry in order to advance discussions in the interests of delivering best value to shareholders.
The shares closed Friday, February 1st at 793p, 1.4% above the agreed deal price. In this piece we’ll get up to speed with the relevant facts and explore how things might play out from here.

RPC Group PLC (RPC LN) ("RPC" or the “Company”) is a leading global plastic products design and engineering company based in Rushden, Northamptonshire, less than two hours north of London, and has over 188 operations in 33 countries with FYE March ’18 sales of £3.75 billion. RPC’s products are used in food and non-food packaging, including in beverage, health care and personal care.
After media speculation, RPC confirmed on September 10, 2018 that preliminary discussions were taking place with each of Apollo Global Management (APO US) and Bain Capital which may result in an offer for the Company. After five “put up or shut up” ("PUSU") extensions, the Company issued a Rule 2.7 announcement of a recommended final cash offer for RPC Group PLC by a unit of Apollo on January 23, 2019 for 782p cash per share intended to be implemented by way of a scheme of arrangement.
The price of 782p was a disappointment to some, with two institutional shareholders, Aviva, with 1.93% and Royal London Asset Management, with 1.44%, expressing disappointment with the offer valuation.
On January 31, 2019 Berry Global Group, Inc. a former Apollo Global Management portfolio company, announced it was considering a possible cash offer for RPC and has requested due diligence information from RPC for this purpose. RPC responded with a release confirming it will engage with Berry in order to advance discussions in the interests of delivering best value to shareholders.
The shares closed Friday, February 1st at 793p, 1.4% above the agreed deal price. In this piece we’ll get up to speed with the relevant facts and explore how things might play out from here.

RPC Group PLC - It Ain't Over 'til It's Over