Commenting on the news that a potential rival bidder has emerged for RPC, Craig Yeaman, fund manager at Royal London Asset Management, said:
“We noted last week that another bidder entering the fray should not be discounted given the low valuation of the agreed deal. Apollo were always going to run this risk having pitched the bid at this level which has clearly given others encouragement.
“Berry Global, being a competitor to RPC, would have plenty of synergies to go after and the first casualties could include senior management who were so willing to accept Apollo’s offer.”
Holding circa 1.33% £42m
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About Royal London Asset Management (RLAM):
Established in 1988, Royal London Asset Management (RLAM) is one of the UK's leading fund management companies, providing investment management solutions to both wholesale and institutional clients such as not-for-profit organisations, local authorities and the insurance sector.
RLAM manages £114 billion of assets and employs 92 investment professionals as at December 2018. It invests in all major asset classes including UK and overseas equities, government bonds, investment grade and high yield corporate bonds, property and cash.
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Issued February 2019 by Royal London Asset Management Limited, registered in England and Wales number 2244297; authorised and regulated by the Financial Conduct Authority. Registered Office: 55 Gracechurch Street, London, EC3V 0RL.
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