Apollo’s Novolex Is Said to Weigh Bid for Pactiv Evergreen (3)

Apollo Global Management Inc.-owned packaging company Novolex is exploring a potential takeover offer for Pactiv Evergreen Inc., according to people familiar with the matter.

Novolex is discussing a possible bid with financial advisers, the people said, asking not to be identified because the details aren’t public. No final decision has been made, the people added.

Pactiv Evergreen rose as much as 18% on Tuesday. The stock was up 8% at 11:21 a.m. in New York, giving the company a market value of about $2.6 billion.

A representative for Apollo declined to comment, while spokespeople for Pactiv Evergreen and ...