Amcor (ASX:AMC) along with Berry Global Group has recommended that shareholders approve the issue of shares for Amcor to acquire the rival plastics packaging company via an all-stock deal, at an extraordinary general meeting to be held on Feb. 25, according to a Wednesday filing with the Australian bourse.
The deal will see Berry shareholders receive about 7.3 Amcor shares for each Berry share held upon closing, valuing Berry's common stock at $73.59 per share.
Approval of the issue of shares requires the affirmative vote of at least a majority of the votes cast, the filing said.
Shares of Amcor rose nearly 1% in recent Wednesday trade.
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