Hart's privately-held RankGroup bought Carter Holt in March last year.
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Navy is the highest- rankedGroup of Five team at No.
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It also rejected a takeover approach from smaller rivals 888 and RankGroup last year.
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Credit Suisse is advising RankGroup, the sources said.
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Credit Suisse is advising RankGroup on the sale.
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Last year, Gibraltar-based 888 and casino operator RankGroup Plc pursued a deal for William Hill.
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An official at Mr Hart's RankGroup said the three plants no longer fit its investment strategy.
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Prior to joining M&S, Dyson was finance director of bingo hall and casino operator RankGroup RNK.L.
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RankGroup's full-year revenue fell 2.2 percent to 691 million pounds ($878.7 million).
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RankGroup controls a number of companies and aims to become one of the largest food packaging companies in the world.
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"Only a very, very high- rankinggroup of beings," Carly said.
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On Monday, Reuters had said the RankGroup had bid for the York, Pennsylvania-based company, citing a source familiar with the situation.
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It also rejected a takeover approach from smaller rivals 888 888.L and RankGroup RNK.L last year.
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RankGroup, Hart's investment firm, in 2008 bought Alcoa's packaging and consumer businesses which later became Reynolds Consumer Products through multiple add-on acquisitions.
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Reynolds, a subsidiary of Hart's RankGroup Ltd, expects to finance the deal with up to $5 billion of new debt.
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Graeme Hart's RankGroup bought Carter Holt Harvey nearly 10 years ago and he has been selling off parts of it ever since.