Reynolds Group Buys Pactiv For $4.4 Billion

LAKE FOREST, Ill. (AP) -- Global packaging company Reynolds Group says it's agreed to pay about $4.4 billion for Pactiv, maker of the Hefty brand trash bags.

With debt included, the deal is valued at around $6 billion.

Reynolds Group Holdings Ltd., of New Zealand, says it is offering Pactiv Corp. shareholders $33.25 per share in cash.

That's a premium of about 8 percent over Pactiv's closing share price of $30.92 on Monday. But it's 39 percent higher than the closing price May 14, the last trading day before reports of a potential deal.

Shares of Pactiv, based in Illinois, jumped $1.64, or 5.3 percent to $32.56 in premarket trading.

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