It’s not the time to throw merger rumors about listed Pactiv Corp. in the trash.
Koch Industries is now in deep discussions to buy Pactiv, the maker of Hefty bags — with final bids likely due in early to mid-August, sources close to the situation said.
Pactiv, based in Lake Forest, Ill., which also makes disposable packaging, saw its shares close yesterday at $29.65, up 16 cents.
The company has been trading near its 52-week high since mid-May — since the Wall Street Journal reported that private equity firm Apollo Management was in talks to buy it.
At the time, Pactiv’s share price jumped from $23.97 to $28.44.
But Koch Industries, which owns Georgia Pacific, appears to have jumped into the lead ahead of Apollo.
Koch did not return calls for comment. Pactiv declined comment.