British Polythene Industries: Shareholders in Greenock-based BPI approve takeover of packaging firm

SHAREHOLDERS in Greenock-based British Polythene Industries have approved the £261 million takeover of the firm by RPC Group. The boards of BPI and Northamptonshire-based RPC announced they had reached agreement on the cash and share offer on June 9. The deal valued BPI chairman Cameron McLatchie's stake at nearly £8m. The takeover is expected to complete on 1 August, subject to court approval. It received unconditional merger clearance from the European Commission earlier this month.