Bemis shareholders overwhelmingly favour Amcor deal

More than three quarters of Bemis shareholders have voted in favour of the company’s acquisition by Amcor. The vote took place yesterday at a special meeting of Bemis shareholders in the US.

Amcor shareholders have already gone through the process of approval, which is still subject to US regulatory approvals.

Amcor agreed to buy rival Bemis for $6.8 billion late last year in a deal that will strengthen the Australian group’s foothold in the Americas.

The combined group will boast annual revenues of $13bn and earnings of more than £2bn. Amcor will assume Bemis’ $1.5bn of debt. One of the largest acquisitions in the history of the packaging industry, the deal is on par with Ball Corporation’s acquisition of Rexam for a similar fee in 2016.

The all-stock cash free transaction will see Amcor shareholders own 71 per cent while Bemis shareholders will own the remainder of the combined company.