Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - PACTIV CORP | c60468e8vk.htm |
Exhibit 99.1
News Release
Investor Relations Contact:
|
Media Relations Contact: | |
Christine Hanneman
|
Matthew Gonring | |
847-482-2429
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847-482-2407 | |
channeman@pactiv.com
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mgonring@pactiv.com |
PACTIV AND REYNOLDS ANNOUNCE EXPIRATION
OF HSR WAITING PERIOD FOR PROPOSED MERGER
OF HSR WAITING PERIOD FOR PROPOSED MERGER
LAKE FOREST, Ill. AND AUCKLAND, NEW ZEALAND – September 23, 2010 – Pactiv Corporation (NYSE:
PTV), a leader in the consumer and foodservice packaging markets, and Reynolds Group Holdings
Limited, a leading global manufacturer and supplier of consumer food and beverage packaging and
storage products, today announced that the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, relating to Reynolds Group’s proposed merger with Pactiv, has expired,
thereby satisfying a condition to the closing of the transaction. Completion of the transaction
remains subject to other customary closing conditions, including approval by Pactiv’s stockholders
and foreign regulatory approvals. The transaction is expected to close by the end of 2010.
Important Information
In connection with the proposed merger, Pactiv filed a preliminary proxy statement with the
Securities and Exchange Commission (the “SEC”) on August 30, 2010. The preliminary proxy statement
is not yet final and will be amended. INVESTORS AND STOCKHOLDERS OF PACTIV ARE URGED TO READ THE
PRELIMINARY PROXY STATEMENT AND THE DEFINITIVE VERSION THEREOF WHEN IT BECOMES AVAILABLE, AS WELL
AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC AS THEY BECOME AVAILABLE BECAUSE THEY CONTAIN
AND WILL CONTAIN IMPORTANT INFORMATION ABOUT PACTIV AND THE PROPOSED MERGER.
The definitive proxy statement in connection with the proposed merger will be mailed to the
stockholders of Pactiv. The preliminary proxy statement, the definitive proxy statement (when it
becomes available), other relevant materials (when they become available), and any other documents
filed by Pactiv with the SEC, may be obtained, without charge, from the SEC’s website at
www.sec.gov or by request to Pactiv Corporation, Attention Corporate Secretary, 1900 W. Field
Court, Lake Forest, IL 60045; 866-456-5439; www.pactiv.com.
(more)
Certain Information Regarding Participants
Pactiv and its executive officers, directors and other members of its management and employees
may be deemed to be participants in the solicitation of proxies from the stockholders of Pactiv in
connection with the proposed merger. Information about the executive officers and directors of
Pactiv and their ownership of Pactiv common stock is set forth in the preliminary proxy statement
filed by Pactiv on August 30, 2010.
Cautionary Statements
Statements about the expected timing, completion, and effects of the proposed merger between
Pactiv and Reynolds constitute forward-looking statements. A variety of factors could cause actual
results to differ materially from those projected in the forward-looking statements, including,
among other things, failure to obtain stockholder approval, failure of financing, or failure to
satisfy other closing conditions. More detailed information about other risks and uncertainties is
contained in Pactiv’s Annual Report on Form 10-K at page 23 filed with the SEC as revised and
updated by Forms 10-Q and 8-K as filed with the Commission.
This news release is not an offer to sell or a solicitation of an offer to purchase any
indebtedness used to finance the acquisition of Pactiv and shall not constitute an offer,
solicitation or sale in any state or jurisdiction in which, or to any person to whom such an offer,
solicitation or sale would be unlawful. Any indebtedness used to finance the acquisition of Pactiv
may not be registered under the United States Securities Act of 1933, as amended, and may not be
offered or sold within the United States absent registration or an applicable exemption from
registration requirements.
About Pactiv
Pactiv Corporation (NYSE: PTV) is a leader in the consumer and foodservice/
food packaging markets it serves. With 2009 sales of $3.4 billion, Pactiv derives more than 80
percent of its sales from market sectors in which it holds the No. 1 or No. 2 market-share
position. Pactiv’s Hefty® brand products include waste bags, slider storage bags, disposable
tableware, and disposable cookware. Pactiv’s foodservice/food packaging offering is one of the
broadest in the industry, including both custom and stock products in a variety of materials. For
more information, visit www.pactiv.com.
About Reynolds Group Holdings Limited
Reynolds Group is a leading global manufacturer and supplier of consumer food and beverage
packaging and storage products and operates through five primary segments: Reynolds Consumer,
Reynolds Foodservice, SIG, Evergreen and Closures. Reynolds Group is based in Auckland, New
Zealand. Additional information regarding Reynolds Group is available at www.reynoldspkg.com.
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