Pactiv Evergreen Inc. (NASDAQ: PTVE) has announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with its planned acquisition by Novolex for $18.00 per share in cash. The transaction is expected to close in the second quarter of 2025, subject to receipt of foreign antitrust approvals and satisfaction of other customary closing conditions.
As of the last reported financial period, Pactiv Evergreen is a leading manufacturer and distributor of fresh foodservice and food merchandizing products as well as fresh beverage cartons in North America. The company produces a broad range of on-trend and feature-rich products that protect, package, and display food and beverages for today’s consumers. Its products, many of which are made with recycled, recyclable, or renewable materials, are sold to a diversified mix of customers, including restaurants, foodservice distributors, retailers, food and beverage producers, packers, and processors.
Goldman Sachs & Co. LLC and Lazard Frères & Co. LLC are acting as financial advisors, and Paul Hastings LLP is acting as legal advisor to Pactiv Evergreen.
Upon the completion of the transaction, Pactiv Evergreen will become a privately held company, and its common stock will no longer be listed on NASDAQ. As a result of these announcements, the company's shares have moved 1.1% on the market, and are now trading at a price of $17.75. For the full picture, make sure to review Pactiv Evergreen's 8-K report.
