US private equity giant Bain Capital has dropped out of the race to buy FTSE 250-listed plastic maker RPC.
RPC said this morning that the pair had “mutually agreed to terminate discussions”.
Discussions with Apollo Global Management “remain ongoing”, RPC said this morning.
RPC's share price fell 4.1 per cent to 687p this morning.
According to takeover rules Bain and Apollo had until 5pm today to either announce a firm intention to make an offer for RPC or announce that they do not intend to make an offer.
RPC have asked the takeover panel for a deadline extension in the light of ongoing talks with Apollo, which now has until 5pm on 21 December to make a firm offer or walk away.
Last week RPC announced its profits had dipped slightly.
RPC said its adjusted profit before tax fell two per cent to £188.9m in the six months to September 2018.
Revenue for the six months was £1.892bn, a seven per cent increase on the same period last year.