Form 4: Pactiv Evergreen Director Stangl's Shares Canceled in Merger

Director Rolf Stangl's Pactiv Evergreen shares and restricted stock units were canceled and converted to cash following the merger with Novolex Holdings, LLC.

Summary

• On April 1, 2025, Rolf Stangl, a director of Pactiv Evergreen Inc., had his shares and restricted stock units (RSUs) canceled due to the merger with Novolex Holdings, LLC.
• The merger, outlined in the agreement dated December 9, 2024, involved Alpha Lion Sub, Inc. merging into Pactiv Evergreen, making it a wholly-owned subsidiary of Novolex.
• Each share of Pactiv Evergreen common stock and each unvested RSU, including dividend equivalent rights, were converted into the right to receive $18.00 in cash.
• Stangl acquired 161 shares related to the settlement of dividend equivalent rights upon the accelerated vesting of his RSUs.
• Following the transaction, Stangl no longer directly owns any shares of Pactiv Evergreen Inc.

Sentiment

Score: 5

Explanation: Neutral sentiment as the document primarily reports a completed merger transaction and its impact on a director's holdings. It's factual and doesn't convey positive or negative outlook.

Future Outlook

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

Industry Context

This announcement reflects ongoing consolidation trends within the packaging industry, where companies are merging to achieve greater scale and efficiency. Novolex's acquisition of Pactiv Evergreen is consistent with this trend.

Comparison to Industry Standards

• Mergers and acquisitions are common in the packaging industry, with companies like Amcor and Berry Global also pursuing strategic acquisitions to expand their market presence.
• The $18.00 per share cash consideration is a key metric that would be compared to precedent transactions in the packaging sector to assess fairness.
• Similar transactions, such as private equity firms acquiring packaging companies, often involve a premium over the target's pre-announcement stock price.

Stakeholder Impact

• Shareholders received $18.00 in cash for each share.
• Employees are now part of a wholly-owned subsidiary of Novolex Holdings, LLC.

Key Dates

Keywords

Merger, Pactiv Evergreen, Novolex Holdings, Rolf Stangl, Director, Shares, RSUs, Dividend Equivalent Rights, Form 4, SEC