Bemis Acquired by Australian Packager


Amcor Limited (ASX: AMC) announced on August 6 that it will acquire Bemis Company Inc (NYSE: BMS) in an all-stock transaction worth $7.3b. The transaction will be carried out via an exchange ratio of 5.1 Amcor shares per Bemis share with Amcor shareholders owning approximately 71% of the combined company. The acquisition of Bemis will allow Amcor to become a global leader in consumer packaging and to generate significant value for shareholders.

Ron Delia, CEO at Amcor, 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.”

This ends the activist campaign by major shareholder, Starboard Value. Recall Starboard and Bemis came to an agreement in March, after which Bemis appointed 4 independent directors.

Goldman Sachs and Moelis & Co/UBS served as financial advisers on this deal with Cravath, Swaine & Moore acting as legal adviser.


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