Pactiv enters acquisition radar
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.