RPC Group has agreed to a £3.32 billion takeover from private equity firm Apollo Management, according to a report published by Stock Market Wire.

Apollo made a cash offer of 782p per share, which equates to a 15.6 percent premium on the group’s closing price on 7 September, when Apollo first made its approach and a 7.6 percent uplift on the closing price last Tuesday.

“The board believes that the offer recognises the quality of RPC’s businesses and the strength of their future prospects,” RPC Chairman Jamie Pike told Stock Market Wire. “The board believes that the offer of £7.82 per share is a good outcome for shareholders and intends to recommend unanimously that they accept this offer.”