Bubble Wrap maker Sealed Air surges on report of buyout talks
Investing.com-- Sealed Air Corporation (NYSE:SEE) shares rose sharply in aftermarket trade on Wednesday after the Wall Street Journal reported that the packaging firm was in talks to be taken private.
Sealed Air jumped 21.7% to $44.25 in afterhours trade, following the report.
The company, which has a market capitalization of about $5.4 billion, is in talks with buyout firm Clayton Dubilier & Rice over a deal to go private, the WSJ reported, citing people familiar with the matter. Any takeover deal is likely to be at a premium to its current valuation, the report said, although no figure was reported.
Sealed Air was founded in 1960 with the invention of its patented Bubble Wrap packaging. It also manufactures food packaging materials.
Shares of the firm are up some 10% this year. The company logged total revenue of $5.4 billion in 2024.