Pactiv Attracts More Bidders (PTV)

Pactiv Corp. PTV has attracted new suitors in the form of Georgia-Pacific Corp. and Rank Group. Pactiv (PTV) is also in talks with private-equity firm Apollo Global Management about a potential acquisition. According to the Wall Street Journal, Pactiv has added $0.5 billion to its market value since the buyout news surfaced. Pactiv was spun off from Tenneco Inc. in 1999. The company owns Hefty brands, and had earned $3.4 billion in revenue in 2009. Analysts expect that the company may fetch a price as high as $4 billion. Georgia-Pacific Corp. is the world’s largest tissue-products manufacturer. Its prominent brands include Quilted Northern and Angel Soft. New Zealand’s Rank Group had paid $2.7 billion for buying Alcoa Packaging & Consumer Group in 2008.