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Friday, November 15, 2013

Rexam packaging unit eyed by 3 rivals, private equity firms -sources, (NYSE: BERY)

U.S. packaging companies Berry Plastics Group Inc and Silgan Holding Inc as well as German peer Gerresheimer are competing to purchase the healthcare packaging unit of Rexam in a deal expected to fetch a little less than $1 billion, people familiar with the matter said. Rexam, which is selling the healthcare unit to focus on its core business of making beverage cans, received second-round offers earlier this week from the industry rivals, the people said on Friday.Private equity firms including Bain Capital LLC and KKR & Co LP also put in offers, two of the people said, requesting anonymity because details of the process are not public.Rexam, Gerresheimer, Bain and KKR declined to comment, while Berry Plastics and Silgan did not immediately respond to requests for comment.Rexam said in June that it would sell its healthcare business, which makes medical packaging and drug delivery devices such as bronchial inhalers and injection syringes and accounts for about 10 percent of group sales.

Berry Plastics Group, Inc. (Berry) is a provider of plastic consumer packaging and engineered materials. Shares of BERY fell by 0.48% or $-0.1/share to $20.65. In the past year, the shares have traded as low as $13.93 and as high as $26.50. On average, 901737 shares of BERY exchange hands on a given day and today's volume is recorded at 153475.