All-Scrip Offer For Bemis Provides Upside For Amcor Shareholders Contrary To Market Reaction
We increase our fair value estimate for narrow-moat Amcor by 10% to AUD 15.40 from AUD 14.00, following the announcement of a major all-scrip deal to acquire Bemis Co., the leader in flexible polymer packaging in the U.S., and following a transfer of analyst. Under the all-share deal, Amcor will issue 5.1 shares for every Bemis share, leaving existing Amcor shareholders with circa 71% of the new, combined entity. Cost synergies of USD 180 million per year have been estimated by Amcor's managemen...Amcor is a packaging company. Co. has the following reportable segments: Amcor Rigid Plastics, which manufactures rigid plastic containers for a range of primarily beverage and food products; Amcor Flexibles, which represents the aggregation of four operating segments of which each manufactures flexible and film packaging for their respective industries; as well as Other/Investments, which holds Co.'s equity accounted investments in the associate AMVIG Holdings Limited (AMVIG) and the joint venture Discma AG (Discma). AMVIG is mainly involved in the manufacture of tobacco packaging while Discma's operations primarily relate to the development and licensing of packaging product development.
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