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Amcor, Bemis seek to merge by mid-May
Posted on Wednesday, 13 March 2019 10:52
Amcor and Bemis are now merely months away from completing their all-scrip deal first announced in August 2018 that will lead to the creation of Amcor plc as a dual-listing holding company.
In terms of documentation, a scheme booklet will be registered with the Australian Securities and Investments Commission and with the Australian Securities Exchange (ASX), and a S-4 will be filed with the US Securities and Exchange Commission.
The paperwork contains notices of shareholder meetings, proxy information, historical financial information, details of key dates-– such as expected completion on 15th May - and appointments to the board of directors.
Amcor and Bemis, on a combined basis under the Amcor plc umbrella, had pro forma sales of USD 13.00 billion, USD 2.10 billion in earnings before in interest, tax, depreciation and amortisation and cash flow of USD 1.20 billion.
North America and Europe, the Middle East and Africa, will each account for 37.0 per cent of the group’s global flexible packaging footprint, followed by Asia Pacific (16.0 per cent) and Latin America (10.0 per cent).
Amcor plc will be incorporated in Jersey, Channel Islands, with an expected tax domicile in the UK and is aiming become the first of the sector to make fully recyclable or reusable items by 2025.
The combined entity expects to provider greater liquidity for investors via a primary listing on the New York Stock Exchange and an exempt foreign one on the ASX.
Furthermore, this holding company anticipates inclusion in both the US S&P 500 and the Australian S&P/ASX 200 indexes.
Melbourne-registered Amcor, which has its corporate headquarters in Zurich, Switzerland, is focused on flexible and rigid plastics, speciality cartons and closures.
Neenah, Wisconsin-based Bemis is a mainly involved in making flexible packaging predominantly for the food industry in the US.
It had a market capitalisation of USD 4.20 billion as at 2nd August 2018, being the last unaffected trading day prior to media speculation regarding an acquisition, compared with Amcor’s USD 13.10 billion.
Following the takeover, Bemis shareholders will own 29.0 per cent of Amcor plc.
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