LONDON (Alliance News) - RPC Group PLC on Monday said it has received unconditional merger clearance from the European Commission for its merger with British Polythene Industries PLC.
Last month, plastic products maker RPC said it had struck a deal to beef up operations with the acquisition of fellow London-listed firm British Polythene, a polythene films producer.
At the time, RPC said it will pay 470.00 pence per share in cash and 0.60141 of new RPC shares for British Polythene valuing the group at a total of GBP261.0 million. The total per share value of the deal will be around 940.00p per British Polythene share, RPC said at the time.
Following the announcement in early June, shares in British Polythene rose 28% to 956.60 pence from 721.00p. British Polythene was trading down 1.5% at 931.00p on Monday.
RPC on Monday said its offer had received unconditional merger clearance by the European Commission.
Shares in RPC were down 1.7% at 778.00p on Monday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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