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BofA moves to No Rating on Pactiv Evergreen after Novolex deal

BofA analyst George Staphos moves to No Rating on Pactiv given the stock is no longer trading on fundamentals following Apollo-owned Novolex having announced that the two packaging companies will combine with Pactiv shareholders receiving $18 per share in cash. The firm believes the stock is no longer trading on the basis of fundamentals, the analyst tells investors.

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