Form 4: Pactiv Evergreen CFO Jonathan Baksht Reports Significant Share Transactions Following Merger

Chief Financial Officer Jonathan Baksht reports acquisition and disposal of Pactiv Evergreen Inc. shares due to merger completion on April 1, 2025.

Summary

• Jonathan Baksht, CFO of Pactiv Evergreen Inc., filed a Form 4 detailing changes in beneficial ownership.
• On April 1, 2025, Baksht acquired 4,397 shares related to dividend equivalent rights upon accelerated vesting of restricted stock units (RSUs).
• He also acquired 217,207 shares due to the accelerated vesting of performance share units (PSUs) granted in 2023 and 2024, along with associated dividend equivalent rights, as per the Merger Agreement.
• The 2023 PSUs were converted at 132% of target, and the 2024 PSUs were converted at target, as determined by the Compensation Committee.
• On the same day, Baksht disposed of 543,816 shares due to the merger between Pactiv Evergreen Inc. and Alpha Lion Sub, Inc., a subsidiary of Novolex Holdings, LLC.
• Each share of Pactiv Evergreen common stock and each unvested RSU was canceled and converted into the right to receive $18.00 in cash.

Sentiment

Score: 6

Explanation: The sentiment is neutral as it primarily reports factual transactions related to a merger. There are no explicit positive or negative implications for the company's future performance.

Future Outlook

The merger is complete, and Pactiv Evergreen Inc. is now a wholly-owned subsidiary of Novolex Holdings, LLC.

Industry Context

This announcement reflects a completed merger, a common event in the corporate world, especially when companies seek strategic alignment or acquisition by larger entities. The conversion of shares to cash is a typical outcome for shareholders in such transactions.

Stakeholder Impact

• Shareholders received $18.00 in cash for each share of Pactiv Evergreen common stock.
• Employees may experience changes as Pactiv Evergreen is now a wholly-owned subsidiary of Novolex Holdings, LLC.

Key Dates

Keywords

Form 4, Pactiv Evergreen, Merger, Share Transactions, Beneficial Ownership, CFO, Baksht, PSU, RSU, Dividend Equivalent Rights