Pactiv stockholders approve merger agreement with Reynolds
By Canadian Packaging Staff
General Pactiv purchase Reynolds GroupPactiv Corporation, a leader in the consumer and foodservice/food packaging sector, headquartered in Lake Forest, IL, has announced its stockholders have voted to approve the merger agreement of Pactiv by Auckland, New Zealand-based Reynolds Group Holdings Limited.
Pactiv Corporation, a leader in the consumer and foodservice/food packaging sector, headquartered in Lake Forest, IL, has announced its stockholders have voted to approve the merger agreement of Pactiv by Auckland, New Zealand-based Reynolds Group Holdings Limited.
Pursuant to the merger agreement, a subsidiary of Reynolds will merge with and into Pactiv and Pactiv will become an indirect wholly-owned subsidiary of Reynolds. Subject to the satisfaction or waiver of the remaining closing conditions, Pactiv expects the transaction to close on or about November 16, 2010.
The acquisition and and associated transaction costs with a combination of approximately US$1.5 billion of additional indebtedness is pursuant to an amendment to its existing Senior Secured Credit Facility, approximately US$3.5 billion of new senior indebtedness, of which approximately US$2.0 billion is expected to be secured, and approximately US$734 million of new equity and available cash.
Pactiv Facts:
• Had 2009 sales of $3.4 billion;
• Its Hefty brand of products includes waste bags, slider storage bags, disposable tableware and disposable cookware;
• Was named in 2009 by Fortune magazine as #1 of “America’s Most Admired Companies” in the packaging, containers industry;
• More company information available at www.pactiv.com.
Reynolds Group is a leading global manufacturer and supplier of consumer food and beverage packaging and storage products and operates through five primary segments: Reynolds Consumer, Reynolds Foodservice, SIG, Evergreen and Closures. For more company information, visit www.reynoldsgroupholdings.com.
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