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.
Reynolds Group Holding is a wholly owned unit of New Zealand-based Rank Group Ltd. 
| Index | Last | Change | % Change |
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| Treasuries | 1.97 | -0.08 | -3.81% |
| Company | Price | Change | % Change |
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| Bank of America Corp... | 8.07 | -0.11 | -1.34% |
| Cisco Systems Inc | 19.90 | -0.10 | -0.52% |
| Ford Motor Co | 12.44 | -0.25 | -1.97% |
| General Electric Co | 18.88 | -0.26 | -1.33% |
| Microsoft Corp | 30.50 | -0.16 | -0.54% |
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