Pactiv May Soon Set Deal To Be Acquired

Pactiv May Soon Set Deal To Be Acquired

Pactiv is expected to soon announce an agreement to be acquired by New Zealand's Rank Group, a report says.
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LAKE FOREST, Illinois (

TheStreet

) --

Pactiv

(PTV)

, the maker of Hefty trash bags, is expected to soon announce an agreement to be acquired by New Zealand's

Rank Group

, the

Wall Street Journal

reports, citing a person familiar with the matter.

The deal is expected to price in the mid-$30 per-share range, said the person. Pactiv shares closed Monday at $30.92 a share but rose to $33 a share after-hours after a news report about Rank's advanced talks.

Pactiv's market capitalization is around $4.1 billion and total debt is about $1.5 billion, the

Journal

says.

Rank Group appears to have beat out rival paper and packaging company

Koch Industries

and private-equity firm Apollo Global Management, the person said, the

Journal

reports.

The deal was still being finalized Monday and could fall apart, the newspaper notes.

Rank Group is owned by Graeme Hart, a wealthy New Zealander. Rank Group makes Reynolds Wrap aluminum foil and other products.

-- Written by Joseph Woelfel in New York.

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