Form 4: Pactiv Evergreen Officer Levenda Reports Significant Share Transactions Following Merger
SEC Form 4 Filing
Tim A. Levenda, President of Foodservice at Pactiv Evergreen, reports the acquisition and disposal of common stock and derivative securities due to the merger with Novolex Holdings, LLC.
Summary
- On April 1, 2025, Tim A. Levenda, President of Foodservice at Pactiv Evergreen Inc. (PTVE), reported transactions related to the merger with Novolex Holdings, LLC.
- Levenda acquired 2,880 shares of common stock due to the settlement of dividend equivalent rights upon the accelerated vesting of restricted stock units (RSUs).
- He also acquired 152,605 shares from the accelerated vesting of performance share units (PSUs) granted in 2023 and 2024, along with associated dividend equivalent rights.
- The 2023 PSUs were converted at 132% of target, and the 2024 PSUs were converted at target, as determined by the Compensation Committee.
- Pursuant to the merger agreement, each share of Pactiv Evergreen's common stock and each unvested RSU were canceled and converted into the right to receive $18.00 in cash.
- Levenda's previously held 509,698 shares were disposed of as a result of this conversion.
Sentiment
Score: 6
Explanation: The sentiment is neutral as the document primarily reports transactions related to a merger. There are no explicit positive or negative indicators, but the completion of the merger could be viewed as a positive development for Novolex.
Future Outlook
The issuer continues as the surviving corporation and a wholly-owned subsidiary of the Parent (Novolex Holdings, LLC).
Industry Context
This announcement reflects the trend of consolidation within the packaging industry, as Pactiv Evergreen becomes a wholly-owned subsidiary of Novolex Holdings, LLC.
Stakeholder Impact
- Shareholders received $18.00 in cash for each share of Pactiv Evergreen common stock.
- Employees may experience changes as a result of the merger and the company becoming a wholly-owned subsidiary.
Key Dates
| Date | Description |
|---|---|
| 12/09/2024 | Date of the Agreement and Plan of Merger between Pactiv Evergreen, Novolex Holdings, LLC, and Alpha Lion Sub, Inc. |
| 04/01/2025 | Date of the merger and the reported transactions by Tim A. Levenda. |
Keywords
Pactiv Evergreen, Novolex Holdings, Merger, Form 4, Insider Trading, Beneficial Ownership, Levenda, PTVE, PSU, RSU
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