Activist hedge fund Ancora has a big stake in Bubble Wrap-maker Sealed Air, and has been quietly pushing the company for months to sell itself — something it is now in advanced talks to do, according to people familiar with the matter.
Private-equity firm Clayton, Dubilier & Rice is nearing a deal to buy $5 billion Sealed Air, according to the people. The deal, though not Ancora’s pressure, was earlier reported by The Wall Street Journal. Activist pressure has pushed several companies this year into sales, including Kenvue and aircraft owner AirLease.
Sealed Air has been working with advisors for months to respond to Ancora’s engagement and CD&R’s outreach. Spokespeople for Ancora and Sealed Air did not return requests for comment.
The company has struggled over the last year, with shares roughly flat. It elevated its CFO to the top job in February, in a bid to win investor confidence. It’s made some headway on that front: it’s managed to slash debt and seen its shares rise roughly 10% this year.