Pactiv Corp. reported a 14 percent drop in third-quarter earnings on prior-year earnings from discontinued operations as the maker of Hefty garbage bags and other packaging products reported higher volume but lower margins on a jump in raw-material costs. Get the full story »
Rank Group
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Pactiv to be acquired by New Zealand’s Rank Group
Pactiv's new owner, Rank Group, sells products like Reynolds Wrap foil. (Bill Hogan/Chicago Tribune)
Pactiv Corp., the Lake Forest maker of Hefty trash bags, announced an agreement Tuesday to be acquired by New Zealand’s Rank Group Ltd. in a transaction valued at about $6 billion.
Privately-held Rank Group will pay $33.25 in cash for each Pactiv share, or about $4.6 billion. The sale price represents a premium of about 39 percent over Pactiv’s closing price of $23.97 on May 14, the day prior to published reports regarding a potential transaction.
Rank Group also will assume Pactiv’s $1.5 billion debt. Pactiv said the deal is targeted to close by the end of the year. Get the full story »
