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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13G
INFORMATION STATEMENT PURSUANT TO RULES 13d-1 and 13d-2
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Pactiv Corporation
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(Name of Issuer)
Common Stock, Par Value $.01 Per Share
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(Title of Class of Securities)
695257105
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(CUSIP Number)
November 5, 1999
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
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CUSIP NO. 695257105 13G Page 2 of 12 Pages
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NAME OF REPORTING PERSON.
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSON.
Highfields Capital Management LP
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
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SOLE VOTING POWER
5
NUMBER OF 12,673,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
--0--
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 12,673,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
--0--
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
12,673,000
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10
[_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
7.5%
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TYPE OF REPORTING PERSON
12
PN
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CUSIP NO. 695257105 13G Page 3 of 12 Pages
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NAME OF REPORTING PERSON.
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSON.
Highfields GP LLC
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
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SOLE VOTING POWER
5
NUMBER OF 12,673,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
--0--
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 12,673,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
--0--
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
12,673,000
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10
[_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
7.5%
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TYPE OF REPORTING PERSON
12
OO
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CUSIP NO. 695257105 13G Page 4 of 12 Pages
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NAME OF REPORTING PERSON.
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSON.
Jonathon S. Jacobson
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
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SOLE VOTING POWER
5
NUMBER OF 12,673,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
--0--
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 12,673,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
--0--
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
12,673,000
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10
[_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
7.5%
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TYPE OF REPORTING PERSON
12
IN
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CUSIP NO. 695257105 13G Page 5 of 12 Pages
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NAME OF REPORTING PERSON.
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSON.
Richard L. Grubman
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
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SOLE VOTING POWER
5
NUMBER OF 12,673,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
--0--
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 12,673,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
--0--
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
12,673,000
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10
[_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
7.5%
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TYPE OF REPORTING PERSON
12
IN
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CUSIP NO. 695257105 13G Page 6 of 12 Pages
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NAME OF REPORTING PERSON.
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSON.
Highfields Capital Ltd.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
Cayman Islands
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SOLE VOTING POWER
5
NUMBER OF 9,110,445
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
--0--
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
REPORTING 9,110,445
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
--0--
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
9,110,445
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10
[_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.4%
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TYPE OF REPORTING PERSON
12
OO
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CUSIP No. 695257105 13G Page 7 of 12 Pages
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Item 1(a). Name of Issuer:
Pactiv Corporation
Item 1(b). Address of Issuer's Principal Executive Offices:
1900 West Field Court, Lake Forest, IL 60045
Item 2(a). Name of Person Filing:
This statement is being filed by the following persons with respect to
the shares of common stock of the Issuer directly owned by Highfields
Capital I LP, Highfields Capital II LP and Highfields Capital Ltd.
(collectively, the "Funds"):
(i) Highfields Capital Management LP, a Delaware limited partnership
("Highfields Capital Management") and Investment Manager to each of the
Funds,
(ii) Highfields GP LLC, a Delaware limited liability company
("Highfields GP") and the General Partner of Highfields Capital
Management,
(iii) Jonathon S. Jacobson, a Managing Member of Highfields GP, and
(iv) Richard L. Grubman, a Managing Member of Highfields GP.
Highfields Capital Management, Highfields GP, Mr. Jacobson and Mr.
Grubman are sometimes individually referred to herein as a "Reporting
Person" and collectively as the "Reporting Persons."
This statement is also being filed by Highfields Capital Ltd., an
exempted limited company organized under the laws of the Cayman
Islands, with respect to the shares of common stock of the Issuer owned
by Highfields Capital Ltd.
Item 2(b). Address of Principal Business Office or, if None, Residence:
Address for Highfields Capital Management, Highfields GP, Mr. Jacobson
and Mr. Grubman:
c/o Highfields Capital Management
200 Clarendon Street
Boston, Massachusetts 02117
Address for Highfields Capital Ltd.:
c/o Goldman Sachs (Cayman) Trust, Limited
Harbour Centre, North Church Street
P.O. Box 896
George Town, Grand Cayman
Cayman Islands
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CUSIP No. 695257105 13G Page 8 of 12 Pages
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Item 2(c). Citizenship:
Highfields Capital Management - Delaware
Highfields GP - Delaware
Richard L. Grubman - United States
Jonathon S. Jacobson - United States
Highfields Capital Ltd.- Cayman Islands
Item 2(d). Title of Class of Securities:
Common Stock, par value $.01 per share
Item 2(e). CUSIP Number:
695257105
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b),
check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the
Exchange Act.
(b) [ ] Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) [ ] Insurance company as defined in Section 3(a)(19) of the
Exchange Act.
(d) [ ] Investment company registered under Section 8 of the
Investment Company Act.
(e) [ ] An investment adviser in accordance with Rule
13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance
with Rule 13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance
with Rule 13d-1(b)(1)(ii)(G);
(h) [ ] A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act;
(i) [ ] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act;
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check this box. [X]
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CUSIP No. 695257105 13G Page 9 of 12 Pages
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Item 4. Ownership.
If the percent of the class owned, as of December 31 of the year covered by
the statement, or as of the last day of any month described in Rule 13d-1
(b)(2), if applicable, exceeds five percent, provide the following information
as of that date and identify those shares which there is a right to acquire.
For Highfields Capital Management, Highfields GP, Mr. Jacobson and Mr. Grubman:
(a) Amount beneficially owned:
12,673,000 shares of Common Stock (none of which the Reporting Persons
have the right to acquire).
(b) Percent of class:
7.5%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote 12,673,000
(ii) Shared power to vote or to direct the vote --0--
(iii) Sole power to dispose or to direct the disposition of 12,673,000
(iv) Shared power to dispose or to direct the disposition of --0--
For Highfields Capital Ltd.:
(a) Amount beneficially owned:
9,110,445 shares of Common Stock (of which Highfields Capital Ltd. has
the right to acquire zero (0) shares).
(b) Percent of class:
5.4%
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote 9,110,445
(ii) Shared power to vote or to direct the vote --0--
(iii) Sole power to dispose or to direct the disposition of 9,110,445
(iv) Shared power to dispose or to direct the disposition of --0--
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CUSIP No. 695257105 13G Page 10 of 12 Pages
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Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
The shares to which this filing by Highfields Capital Management,
Highfields GP, Mr. Jacobson and Mr. Grubman relates are beneficially
owned by the Funds, each of which has the power to direct the
dividends from or the proceeds of the sale of the shares owned by such
Funds. Highfields Capital Management serves as the Investment Manager
to each of the Funds. Highfields Capital Ltd., a reporting person
herein, owns 5.4% of the shares of common stock of the Issuer;
however, neither Highfields Capital I LP nor Highfields Capital II LP
individually owns more than five percent of the shares of common stock
of the Issuer.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issue of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
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CUSIP No. 695257105 13G Page 11 of 12 Pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
November 15, 1999
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Date
HIGHFIELDS CAPITAL MANAGEMENT LP
By: Highfields GP LLC, its General Partner
/s/ KENNETH H. COLBURN
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Signature
Kenneth H. Colburn
Authorized Signatory
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Name/Title
HIGHFIELDS GP LLC
/s/ KENNETH H. COLBURN
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Signature
Kenneth H. Colburn
Authorized Signatory
------------------------------------------
Name/Title
JONATHON S. JACOBSON
/s/ KENNETH H. COLBURN
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Signature
Kenneth H. Colburn
Attorney-in-Fact
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Name/Title
RICHARD L. GRUBMAN
/s/ KENNETH H. COLBURN
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Signature
Kenneth H. Colburn
Attorney-in-Fact
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Name/Title
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CUSIP No. 695257105 13G Page 12 of 12 Pages
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HIGHFIELDS CAPITAL LTD.
By: Highfields Capital Management LP,
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its Investment Manager
By: Highfields GP LLC
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its General Partner
/s/ KENNETH H. COLBURN
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Signature
Kenneth H. Colburn
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Authorized Signatory
Name/Title
