RPC/Apollo: Historical PUSU data imply weak link between multiple extensions and deal success

As takeover talks between Apollo and RPC Group [LON:RPC] approach their fifth put-up-or-shut-up (PUSU) deadline, the prospects of a deal look little better than a coin toss, according to historical success rates tracked by Dealreporter.

Average success rates on deals which extend beyond the initial 28-day PUSU deadline are around 60%, according to Dealreporter data.

But RPC is already the longest-running PUSU process among deals tracked by Dealreporter, a database which in Europe includes deals with an implied equity value of more than EUR 200m announced since takeover process reform in 2011.

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