NEW YORK, Aug 16 (Reuters) - Pactiv Corp, the maker of Hefty trash bags, is in advanced talks to be bought by New Zealand's Rank Group Ltd, according to a report on Bloomberg's website, citing two people with knowledge of the matter.
Rank and private equity firm Apollo Global Management LLC have been pursuing the company for the last several months and final bids were due about a week ago, sources familiar with the situation have previously told Reuters.
Koch Industries Inc has also expressed interest in the company, according to Bloomberg which said the value of the transaction under discussion couldn't be determined.
Shares in Pactiv, which closed on the New York Stock Exchange at $30.92, rose more than 6 percent in after-market hours.
Rank Group is the maker of Reynolds Wrap foil and food containers. Pactiv, based in Lake Forest, Illinois, makes items such as takeout food containers, disposable cookware and garbage cans.
(Reporting by Megan Davies and Yinka Adegoke; Editing by Richard Chang) Keywords: PACTIV/ (e-mail:yinka.adegoke@thomsonreuters.com Reuters Messaging: Yinka.adegoke.reuters.com@reuters.net; +1 646 223 6081) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Rank and private equity firm Apollo Global Management LLC have been pursuing the company for the last several months and final bids were due about a week ago, sources familiar with the situation have previously told Reuters.
Koch Industries Inc has also expressed interest in the company, according to Bloomberg which said the value of the transaction under discussion couldn't be determined.
Shares in Pactiv, which closed on the New York Stock Exchange at $30.92, rose more than 6 percent in after-market hours.
Rank Group is the maker of Reynolds Wrap foil and food containers. Pactiv, based in Lake Forest, Illinois, makes items such as takeout food containers, disposable cookware and garbage cans.
(Reporting by Megan Davies and Yinka Adegoke; Editing by Richard Chang) Keywords: PACTIV/ (e-mail:yinka.adegoke@thomsonreuters.com Reuters Messaging: Yinka.adegoke.reuters.com@reuters.net; +1 646 223 6081) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.