Cerberus Capital Management LP is in discussions to acquire packaging firm Closure Systems International Inc., which could be valued at up to $1 billion, Bloomberg News reported, citing people with knowledge of the matter.
The Memphis, Tenn.-based plastic and aluminum bottle top manufacturer is being sold by manufacturing conglomerate Rank Group Ltd.
Rank has not yet made a final decision on the potential deal and could still choose to sell it to another suitor or keep the business, the sources said.
A Cerberus representative did not comment on the matter, while representatives for Rank and Closure Systems International did not answer requests for comment sent by Bloomberg.
