Tags: US | Reynolds | Group | Pactiv

Reynolds to Buy Hefty Trash Bag Maker Pactiv for $4.4 Billion

Tuesday, 17 Aug 2010 10:46 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Reynolds Group Holdings Ltd., part of the global packaging business owned by New Zealand's richest man, said Tuesday it has agreed to pay about $4.4 billion for Pactiv Corp., maker of the Hefty brand trash bags.

With debt included, the deal is valued at around $6 billion.

It's the latest in a long string of acquisitions that has built Reynolds parent company Rank Group Ltd. into a worldwide packaging empire under owner Graeme Hart.

The company is offering Pactiv shareholders $33.25 per share in cash.

That's a premium of about 8 percent over Pactiv's closing share price of $30.92 on Monday. But it's 39 percent higher than the closing price May 14, the last trading day before reports of a potential deal.

Reynolds said it has lined up financing for the deal from affiliates of Credit Suisse, HSBC, and Australia New Zealand Bank.

Shares of Pactiv, based in Lake Forest, Ill., jumped $1.70, or 5.5 percent, to $32.62 in early,

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Wash. Post: Review Finds FBI Crime Lab Unit Rife With Flawed Forensics

Tuesday, 29 Jul 2014 23:04 PM

Nearly every criminal case the FBI and Justice Department has so far reviewed since launching the largest-ever probe of  . . .

Marco Rubio: Letting Illegals Apply for Jobs Would Be a 'Lure'

Tuesday, 29 Jul 2014 22:55 PM

President Barack Obama's possible move to allow millions of illegal immigrants to apply for work in the United States wo . . .

Mike Rogers: White House 'Not Connected to Reality' on Russia

Tuesday, 29 Jul 2014 22:04 PM

The White House is not acting seriously enough on Russia's breaking of the 1987 Intermediate-Range Nuclear Forces Treaty . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved