By Dean Seal
Shares of Pactiv Evergreen climbed following a report that a fellow packaging company owned by Apollo Global Management is considering a takeover.
The stock was up 7.9%, at $14.67, in midday trading Tuesday. Shares jumped to a three-year high of $16.01 earlier in the trading session.
Apollo-owned Novolex is exploring a potential takeover offer for Pactiv Evergreen, Bloomberg reported earlier Tuesday, citing people familiar with the matter.
Novolex is discussing a possible bid with financial advisors, though no final decision has been made, according to the report.
Representatives for Apollo, Pactiv Evergreen and Novolex either declined or didn't respond to Bloomberg's requests for comment.
Apollo shares were about flat, at $172.50.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 03, 2024 12:20 ET (17:20 GMT)
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