The $6.8bn merger of packaging firms Amcor and Bemis is expected to be completed in May this year as the companies have made further progress towards completion of their all-stock transaction.
Image: Both companies’ boards of directors have unanimously recommended the combination. Photo: Courtesy of Amcor Limited.
In August 2018, Amcor had agreed to purchase Bemis to boost the consumer packaging segment and provide significant value for shareholders, customers and employees.
In its latest move, Amcor filed shareholder documentation and finalized board of director and senior leadership appointments.
The companies expected to close the deal by May 2019.
Amcor CEO Ron Delia said: “Since announcing this transaction, we have made significant progress towards closure, and further important steps have been taken today with the finalisation of Board of Director and Senior Leadership appointments as well as shareholder documentation filings.
“As we approach the closing of the transaction, the opportunities to further strengthen our industry leading value proposition for customers, employees and the environment and to create value for shareholders are even clearer.”
Shareholders are provided with significant value through the $180m delivery as pre-tax annual net cost collaborations, and a stronger financial profile including higher margins and cash flow and the potential for even stronger growth.
Bemis president and CEO Bill Austen said: “We are one step closer to combining our two companies to create the global leader in consumer packaging. Bemis and Amcor are highly complementary organizations that each possess extraordinary talent, and we are confident that together, we will create an even stronger global enterprise that will benefit our shareholders, employees, and customers over the long term.
“This is the next exciting chapter for Bemis, and our teams will carry forward the Bemis legacy as they showcase their talents, knowledge, and passion for our customers and inspired packaging solutions.”
The boards of directors from both the companies have unanimously recommended the combination and a meeting for Bemis and Amcor shareholders is scheduled for 2 May 2019.
Upon closing, Amcor is expected to establish a primary listing on the New York Stock Exchange along with listing on the Australian Securities Exchange. Based on filing requirements in Australia and the US, various documents are issued to the shareholders.
Amcor and Bemis supply a range of rigid and flexible packaging products for the customers in multiple sectors.