EVANSVILLE, Ind. (WFIE) – Amcor plc and Berry Global Group, Inc. have announced a merger agreement.
Officials say they will combine in an all-stock transaction.
They say Berry shareholders will receive a fixed exchange ratio of 7.25 Amcor shares for each Berry share held upon closing, resulting in Amcor and Berry shareholders owning approximately 63% and 37% of the combined company, respectively.
Their bords value Berry’s common stock at $73.59 per share.
Officials say the combination will create a global leader in consumer packaging solutions.
According to their release, Amcor is based in Zurich, Switzerland.
Berry CEO, Kevin Kwilinski, said “Over the past year, Berry has undergone a significant transformation, completing the spin-off of our HHNF business, enhancing our product mix and optimizing our portfolio. Our combination with Amcor is a logical next step in our company’s evolution…”
Officials say Berry expects to maintain its current dividend policy until the close of the transaction.
Closing is targeted in the middle of calendar year 2025.
It’s subject to shareholder approvals, regulatory approvals, and satisfaction of other customary closing conditions.
Board, Management, and Head Office Peter Konieczny will serve as Chief Executive Officer, Graeme Liebelt will serve as Chairman and Stephen Sterrett will serve as Deputy Chairman of the combined company.
Amcor will maintain its primary listing on the NYSE and its secondary listing on the ASX.
The combined entity will be named Amcor plc, and the global head office will remain in Zurich, Switzerland.
Officials say the combined company expects to maintain a significant presence in Evansville.
Upon completion of the transaction, Amcor’s board of directors will expand to 11 directors, four of whom will be nominated by Berry.
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