Amcor plc and Berry Global Group, Inc. announced on November 19, 2024, they have entered into a definitive merger agreement for an all-stock transaction. The deal values Berry's common stock at $73.59 per share, representing an $8.43 billion valuation and a 9.75% premium to Berry's closing price on the preceding Monday.
Under the terms, Berry shareholders will receive a fixed exchange ratio of 7.25 Amcor shares for each Berry share, resulting in Amcor and Berry shareholders owning approximately 63% and 37% of the combined company, respectively. The boards of directors of both companies unanimously approved the transaction.
The combination is expected to create a global leader in consumer and healthcare packaging solutions with combined annual revenues of approximately $24 billion. Amcor anticipates realizing $650 million in annual earnings synergies and over 35% adjusted cash EPS accretion, with closing targeted for mid-calendar year 2025, subject to shareholder and regulatory approvals.
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