Tuesday 17th August 2010 |
Text too small? |
Billionaire Graeme Hart’s investment company Rank Group is in talks to acquire Pactiv Corp. to add to its global packaging empire, Bloomberg News reported.
Shares of Lake Forest, Illinois-based Pactiv, the maker of Hefty trash bags, closed at US$30.92 on the New York Stock Exchange yesterday, valuing the company at US$4.15 billion. It subsequently jumped 6.2% in after-hours trading.
A deal may be announced as soon as this week, the report said. Apollo Global Management and Koch Industries have also expressed interest in Pactiv and could still be contenders if talks with Rank falter, it said.
Hart would be able to combine Pactiv, which makes everything from food containers to trash bags with his existing packaging business, Beverage Packaging Holdings, which acquired Reynolds Consumer Producers and bottle-cap maker Closure Systems International last year.
Pactiv shares soared about 18% in May after the Wall Street Journal reported that Georgia- Pacific and Rank were interested in acquiring the company.
Businesswire.co.nz
No comments yet
Devon Funds Morning Note - 17 February 2025
CEN - Delivering new renewables while supporting security of sup
Bremworth announces strategic review
AIA - January 2025 Monthly traffic update
PFI - Acquisition - 316 Neilson Street, Penrose, Auckland
RYM - Anthony Leighs to retire from Ryman Healthcare Board
Meridian Energy monthly operating report for January 2025
February 14th Morning Report
MCY - Interim results presentation details
FWL - Resignation of CEO and Director Mark Turnbull