Ademi LLP is investigating Pactiv Evergreen (NASDAQ: PTVE) for possible breaches of fiduciary duty and other violations of law in its transaction with Novolex.
In the transaction, Pactiv Evergreen shareholders will receive $18.00 per share in an all-cash transaction valued at $6.7 billion. Pactiv Evergreen insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Pactiv Evergreen by imposing a significant penalty if Pactiv Evergreen accepts a competing bid. We are investigating the conduct of Pactiv Evergreen’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.