Private equity firm Apollo in talks to buy Pactiv Corp – WSJ

May 17 (BestGrowthStock) – Private equity firm Apollo Global
Management is in talks to buy U.S. packaging maker Pactiv Corp
(PTV.N: ) in a leveraged deal, the Wall Street Journal said,
citing people familiar with the situation.

Pactiv has about $1.5 billion in debt and the Apollo deal
would be among the largest leveraged buyouts in the past two
years, according to the Journal.

The paper said any deal is a few weeks away and faces
several hurdles. The Journal did not give the potential value
of the deal.

Pactiv and Apollo could not be immediately reached for
comment by Reuters outside regular U.S. business hours.

Pactiv shares fell 0.6 percent to $23.97 on Friday on the
New York Stock Exchange, valuing the company at $3.2 billion,
according to Reuters data.

In April, Pactiv said its first quarter profit (Read more your timing to make a profit.) fell 38
percent due to sluggish demand and high raw material costs and
the company also trimmed its full-year forecast.
[ID:nN21248734]

Demand for Pactiv’s products waned during the recession as
consumers ate out less but there has been some improvement in
recent months.

Stock Market Money

(Reporting by Sakthi Prasad in Bangalore; Editing by Anshuman
Daga)

Private equity firm Apollo in talks to buy Pactiv Corp – WSJ