Form 4: Pactiv Evergreen Director Leighanne Baker Reports Changes in Beneficial Ownership Following Merger

Director Leighanne Baker reports changes in beneficial ownership of Pactiv Evergreen Inc. stock due to the merger with Novolex Holdings, LLC, resulting in the cancellation of common stock and restricted stock units for $18.00 per share.

Summary

• On April 1, 2025, Leighanne Baker, a director of Pactiv Evergreen Inc., reported changes in her beneficial ownership of the company's stock.
• These changes occurred due to the merger between Pactiv Evergreen Inc. and Novolex Holdings, LLC, which was executed through a subsidiary, Alpha Lion Sub, Inc.
• As a result of the merger, each share of Pactiv Evergreen's common stock and each unvested restricted stock unit (RSU), including dividend equivalent rights, were canceled and converted into the right to receive $18.00 in cash.
• Baker acquired 242 shares of common stock related to the settlement of dividend equivalent rights upon the accelerated vesting of her RSUs.
• Following the merger, Baker no longer directly owns any shares of Pactiv Evergreen Inc. common stock, as her previously held 100,400 shares were disposed of.

Sentiment

Score: 6

Explanation: The document is a standard regulatory filing related to a merger. It doesn't convey strong positive or negative sentiment, but rather reports factual changes in ownership. The merger itself could be viewed as neutral to slightly positive for shareholders who received cash.

Future Outlook

The document does not contain any specific forward-looking statements beyond the completion of the merger.

Industry Context

This announcement reflects a merger and acquisition activity within the packaging industry, where companies often consolidate to achieve economies of scale, expand market share, or diversify product offerings. Novolex's acquisition of Pactiv Evergreen is consistent with this trend.

Comparison to Industry Standards

• Mergers and acquisitions in the packaging industry often involve companies like Amcor, Ball Corporation, and Crown Holdings.
• The $18.00 per share cash consideration should be compared to precedent transactions in the packaging industry to assess its fairness.
• Comparable transactions would include acquisitions of similar-sized packaging companies with similar financial profiles.

Key Dates

Keywords

Pactiv Evergreen Inc., Novolex Holdings, Merger, Beneficial Ownership, Form 4, Director, Leighanne Baker, Stock, RSU, Dividend Equivalent Rights