It turns out that Amcor plc's announcement in November 2024 that it was going to buy Berry Global Group Inc. was only one small part of the mergers and acquisitions action swirling around the Indiana packaging maker in 2024.
Plastics News' Jim Johnson read through a recent financial document filed by Berry that details a very hectic year for the company. To begin with, Amcor was one of four companies looking at deals. The other firms were identified only as Party A, Party B and Party C. Some were looking at making acquisitions, and others were seeking to be acquired.
But then in June, Amcor's board of directors voted to have CEO Peter Konieczny make initial contact with Berry and its CEO, Kevin Kwilinski, about the potential for joining forces.
As Jim writes: "The men, the filing states, 'discussed business conditions and Berry's current performance, including Berry's belief that Berry's stock price was trading at a low multiple relative to its performance and peers and that Berry had been evaluating strategic alternatives as a result, including a potential stock-for-stock business combination between Berry and Amcor.'"
You can read Jim's story on the background behind this $8.43 billion deal here.