NEW YORK (CNNMoney.com) -- Pactiv Corp.'s stock jumped 5% Tuesday after the maker of Hefty trash and sandwich bags said Reynolds Group Holding would acquire it for $6 billion.
Pactiv shareholders will receive $33.25 in cash for each share of common stock. That's a 39% premium over Pactiv's closing price of $23.97 on May 14, the last trading day before reports were published about a potential deal.
The acquisition should close by the end of 2010.
Pactiv (PTV) shares climbed 5.5% to $32.62 in early trading.
Pactiv said its board of directors unanimously approved the deal and will recommend that common shareholders do the same. Shareholders will have a special meeting after the company files a statement with the Securities and Exchange Commission.
Trump has slammed Dodd-Frank as a "disaster" that has hurt banks. But banks were healthy enough to pay out a near-record $102.8 billion of dividends last year. More
Are home-cooked meals a recipe for success or disaster in the tech industry? We're about to find out. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More