RPC Group (LON:RPC) announced it is in early buyout talks with Bain Capital and Apollo Global Management.

The UK-based plastics packager said that both companies have until the 8th of October to announce whether they intend to make a firm offer.

RPC had been under pressure in recent months from stakeholders to raise more capital and lower costs.

Earlier this month the company announced it would sell its Letica food packaging business, raising $95 million in funds.

The plastics industry has also come under renewed scrutiny amid increased public awareness of sea pollution and plastic in the world’s oceans.

Various companies and restaurants have since banned the use of plastic straws in a bid to combat waste.

Back in July, Starbucks (NASDAQ: SBUX) announced plans to ban plastic straws, alongside introducing new strawless lids.

Moreover, the UK government is also looking into potential measures to ban the use of plastic cutlery and plates, as it looks to reduce waste.

This follows an announcement from the European Commission revealing its intention to cutlery, plates, straws, cotton buds, drink-stirrers and balloon sticks by 2021 to further ease marine pollution levels.

RPC shares are currently trading +20.63 percent as of 10.46 as the market reacts to the announcement.