Skadden, Debevoise Aid $6B Reynolds-Pactiv Merger

Law360, New York (August 17, 2010, 12:41 PM EDT) -- Reynolds Group Holdings Ltd. — a U.S. subsidiary of New Zealand's Rank Group Ltd. — has agreed to pay $6 billion to snap up Pactiv Corp., aiming to cash in on the company's dominant Hefty packaging product line.

Under the terms of the deal, Pactiv shareholders are to receive $33.25 in cash for each share of Pactiv common stock they hold, the Lake Forest, Ill., company said Tuesday. The price represents a 39 percent premium over its May 14 closing share price of $23.97, it said....
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