Pactiv Soaring On Buyout Rumors

Pactiv PTV, the maker of Hefty trash bags is trading higher by more than 21% this morning on rumors that the company is a buyout target for private equity firm Apollo Global Management. The story was first reported by the Wall Street Journal. Pactiv employs 12,000 people and is trading below 2009 sales of $3.4 billion, the Journal reported. Terms of the deal were not included in the story.