Aug. 17, 2010 (Business Wire) -- Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the Board of Directors ("Board") of Pactiv Corporation ("Pactiv" or the "Company") (NYSE: PTV) in connection with their efforts to sell Pactiv to Reynolds Group Holdings Limited ("Reynolds"). If the transaction is completed, Pactiv shareholders will receive $33.25 in cash for each share of Pactiv common stock they hold. The deal is expected to close by the end of the year.
Robbins Umeda LLP's investigation concerns whether the Pactiv Board undertook a fair process to obtain fair consideration for all shareholders of Pactiv. Notably, the proposed consideration represents only a 7.5% premium to the Company's closing price on Monday, August 16, 2010. Further, prior to the transaction announcement, at least one analyst had set a price target for the Company at $35 per share.
If you are a shareholder of Pactiv, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at info@robbinsumeda.com.
Robbins Umeda LLP is a California-based law firm with significant experience representing investors in merger-related shareholder class actions, shareholder derivative actions, and securities fraud class actions. For more information about the firm, please go to http://www.robbinsumeda.com.
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Law Office of Robbins Umeda LLP
Gregory E. Del Gaizo, 800-350-6003
info@robbinsumeda.com
