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Kendall Law Group Investigates Pactiv Corp. Acquisition for Shareholders

^{Published on 2010-08-17 08:50:29 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ Kendall Law Group ], led by a former federal judge with attorneys that include a former U.S. Attorney, is investigating Pactiv Corp. (NYSE: PTV) for shareholders in connection with the proposed acquisition by Reynolds Group Holdings Limited. The national securities firma™s investigation seeks to determine whether Pactiv and its Board breached their fiduciary duties by entering into the agreement without properly shopping for a deal that would provide better value for shareholders. If you are a Pactiv shareholder and would like additional information about your rights, contact the Kendall Law Group at 877-744-3728 or by email at [ skendall@kendalllawgroup.com ].

"premium of approximately 39 percent over Pactiv's closing price of $23.97 on May 14, 2010, the last trading day prior to published reports regarding a potential transaction."

On August 17, 2010 Pactiv announced that it had entered into a definitive merger agreement to be acquired by Reynolds Group Holdings Limited in a transaction valued at approximately $6 billion. Under the terms of the agreement, Pactiv shareholders will receive $33.25 in cash for each share of Pactiv common stock held. Pactiv reported that the offer price represented a apremium of approximately 39 percent over Pactiv's closing price of $23.97 on May 14, 2010, the last trading day prior to published reports regarding a potential transaction.a While the price of Pactiv shares rose in apparent response to news of a potential acquisition, much of the news being released detailed a potential bidding war between Reynolds, Apollo Global Management, and Georgia-Pacific. The Wall Street Journal reported that Pactiv was initially in buyout talks with the private equity firm Apollo Global Management. Additionally, according to Thompson/First Call, at least one analyst has set a price target of $35.00 per share.

Kendall Law Group was founded by a former federal judge Joe Kendall, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The firm has been counsel in numerous merger and acquisition cases nationwide, including some of the largest transactions in the United States.