MELBOURNE, Australia & NEENAH, WI—Amcor Limited and Bemis Company Inc announced that their respective boards of directors have unanimously approved a definitive agreement under which Amcor will acquire Bemis in an all-stock combination.
The transaction will be effected at a fixed exchange ratio of 5.1 Amcor shares for each Bemis share, resulting in Amcor and Bemis shareholders owning approximately 71 percent and 29 percent of the combined company, respectively. This is equivalent to a transaction price of $57.75 per Bemis share based on Amcor’s closing share price of A$15.28 on Aug. 3, and represents a premium of 25 percent to Bemis’ closing price of US$46.31 per share as of Aug. 2.
Amcor’s CEO, Ron Delia, said: “The strategic rationale for this combination and the financial benefits are highly compelling for both Amcor and Bemis shareholders. We are convinced this is the right deal at the right time for both companies, and with the right structure for both sets of shareholders to participate in a unique value creation opportunity. Amcor identified flexible packaging in the Americas as a key growth priority and this transaction delivers a step change in that region.”
Bemis’ President and CEO, William F. Austen, said: “The combination of Bemis and Amcor is transformational, bringing together two highly complementary organizations to create a global leader in consumer packaging.”
Amcor’s CEO, Ron Delia, concluded, “Amcor and Bemis have many things in common starting with proud histories that date back more than 150 years. Both companies are grounded in strong values, a shared commitment to innovation and value-added consumer packaging, and have talented management teams.”