Bemis Company in $6.8 Billion Merger With Amcor

Cleary Gottlieb is representing Bemis Company in connection with its $6.8 billion all-stock combination with Amcor.

The combination of Amcor and Bemis will create the global leader in consumer packaging, with the footprint, scale, and capabilities to drive significant value for shareholders, offer customers and employees the most compelling value proposition in the packaging industry, and deliver the most sustainable innovations for the environment.

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 August 3, 2018, and represents a premium of 25 percent to Bemis’ closing price of $46.31 per share as of August 2, 2018.

Closing of the transaction is conditional upon the receipt of regulatory approvals, approval by both Amcor and Bemis shareholders, and satisfaction of other customary conditions. The transaction is targeted to close in the first quarter of 2019.

For more information, please see the official press release here.