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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.