British packaging company RPC Group has agreed to a higher takeover offer from plastics maker Berry Global Group Inc worth 3.34 billion pounds ($4.37 billion), and has ditched a lower bid from Apollo Global Management LLC.

RPC, Europe’s biggest plastic packaging group, said on Friday it had revoked support for Apollo’s offer in favor of Berry Global and said its directors would recommend shareholders to vote in favor of the new offer.
Berry’s offer of 793 pence in cash for each RPC share is 1.4 percent higher than Apollo’s offer, and represents a premium of 3.5 percent to RPC’s closing price on Jan. 30, the last day before Berry said it was weighing a bid for RPC.

The new offer values RPC at 3.34 billion pounds.

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