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LAKE FOREST, Ill. - Pactiv Evergreen Inc. (NASDAQ: PTVE), a leading North American manufacturer and distributor of foodservice and food merchandizing products, has announced that it has received all necessary regulatory approvals for its acquisition by Novolex®. The cash transaction, valued at $18.00 per share, represents a premium to the current trading price of $17.96. According to InvestingPro data, the stock has surged nearly 56% over the past six months and is trading near its 52-week high of $17.98. The deal is slated for completion on April 1, 2025, pending customary closing conditions.
Upon finalization of the acquisition, Pactiv Evergreen will transition to a private entity and its common stock will be delisted from the Nasdaq exchange. Financial advisory roles for the transaction have been filled by Goldman Sachs & Co. LLC and Lazard Frères & Co. LLC, with Paul Hastings LLP serving as legal advisor to Pactiv Evergreen.
This development follows Pactiv Evergreen’s definitive agreement announcement, which outlined the terms of the acquisition. The company, known for its portfolio of food and beverage packaging products, many of which are made from recycled, recyclable, or renewable materials, serves a diverse customer base including restaurants, foodservice distributors, retailers, and food and beverage producers.
The press release also contains forward-looking statements regarding the anticipated closing date and potential effects of the transaction. It highlights potential risks and uncertainties that could impact the transaction’s completion and Pactiv Evergreen’s business operations during the acquisition process.
Pactiv Evergreen has filed a definitive information statement on Schedule 14C for its shareholders with the SEC in relation to the proposed transaction. The company has made it clear that the press release should not be considered a substitute for the information statement or any other documents filed with the SEC.
Investors and shareholders have been advised to read all relevant documents filed with the SEC carefully, as they contain important information about the proposed transaction. The information is based on a press release statement from Pactiv Evergreen Inc.
In other recent news, Pactiv Evergreen has made significant progress in its acquisition by Novolex. The mandatory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has expired, bringing the transaction closer to completion. Novolex plans to acquire Pactiv Evergreen for $18.00 per share in cash, with the deal expected to close in the second quarter of 2025. This acquisition will result in Pactiv Evergreen transitioning to a privately held entity and subsequently delisting its common stock from Nasdaq. Goldman Sachs & Co. LLC and Lazard Frères & Co. LLC are advising Pactiv Evergreen financially, while Paul Hastings LLP is providing legal counsel. The company has emphasized that the transaction is still subject to foreign antitrust approvals and other customary closing conditions. Investors are encouraged to review Pactiv Evergreen’s regulatory filings for detailed information about the transaction. These developments have been documented in a definitive information statement on Schedule 14C filed with the SEC.
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