Completion of Berry Plastics Group Inc.'s acquisition of AEP Industries Inc., a flexible packaging films maker, is providing some additional insight into exactly how the deal was funded.
Evansville, Ind.-based Berry Plastics ended up issuing 6.5 million shares of stock and paying $297 million to AEP shareholders to finalize the deal.
Based on an opening price of $50.75 cents for Berry Plastics stock on Jan. 20, the 6.5 million shares had a total value of $329.88 million.
The company also paid $164 million to retire AEP's outstanding debt.
The total amount of Berry Plastics outstanding common stock now stands at 129 million and the company has a market capitalization of about $6.5 billion, the firm said.
AEP, based in Montvale, N.J., brings 14 manufacturing locations in both the United States and Canada to Berry Plastics.