Pactiv Evergreen gains after Novolex's $6.7 bln take-private deal

Pactiv Evergreen

09/12/2024 15:06

(Updates)
    ** Shares of packaging products maker Pactiv Evergreen
 PTVE.O  rise as much as 20% to $17.61 in early trade, the
highest in nearly four years
    ** Apollo Global Management-owned  APO.N  Novolex to take
PTVE private in a $6.7 bln deal
    ** Novolex will acquire PTVE for $18 per share in an
all-cash transaction, including debt
    ** Deal represents 32.4% premium to PTVE's closing price on
Dec. 2, a day before Bloomberg News first reported that Novolex
was considering purchasing the company
    ** Shares of APO up 3.53% 
    ** Up to last close, PTVE up 7% and APO up ~91% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com;))