Lake Forest, Ill.-based Pactiv is now at the center of a three-way bidding war, according to Packaging Strategies, a sister publication of Flexible Packaging. Although the publicly held company is more often associated with disposable tableware and cutlery, cups and clamshell containers, Pactiv generates a respectable volume of flexible packaging that may sweeten the deal for any one of three potential buyers.

The Wall Street Journal reported in mid-May that Pactiv was in acquisition talks with Apollo Global Management, a private equity firm that also owns flexible packaging giant Berry Plastics. Additional media sources later reported that Georgia-Pacific and the Rank Group are eyeing Pactiv. Although both groups are better known for their role in paper packaging, New Zealand-based Rank Group owns Reynolds Packaging Group, which maintains a presence in flexible packaging market.

Rumors of a sale, reportedly worth $4 billion or even more, have driven Pactiv’s stock price up roughly 40% between May 14 and June 1.