8-K/A
filed February 12, 2024, 6:59 PM ET
ticker MAGN
CIK 0000041719
M&A
confidence high
sentiment neutral
materiality 0.85
Glatfelter signs definitive agreement to acquire Berry's nonwovens & hygiene films business; new CEO named
Magnera Corp
- Glatfelter will acquire Berry's HHNF business via Reverse Morris Trust; Berry to distribute Spinco shares to its stockholders.
- Curtis L. Begle, currently president of Berry's HHNF division, will become Glatfelter CEO upon closing; Thomas Fahnemann to resign.
- Glatfelter approved a $6.0M aggregate cash retention program for key employees, paid in two installments post-closing.
- Begle will receive $1M base salary, 100% bonus target, $4.6M annual LTI grant, sign-on equity, and double-trigger vesting.
- Transaction subject to regulatory approvals, Glatfelter shareholder approval, and other customary conditions.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Curtis L. Begle was appointed as Chief Executive Officer at Magnera Corp.
- Action
- appointed
- Role
- Chief Executive Officer
Exact text from the filing
Mr. Begle will be appointed as the Chief Executive Officer of the Company and will be appointed to the Board of Directors of the Company (“ Company Board ”) effective as of the closing of the Merger.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Magnera Corp entered into Separation and Distribution Agreement with Berry Global Group, Inc., Treasure Holdco, Inc. (effective 2024-02-06).
- Action
- entry
- Agreement
- supply
- Counterparty
- Berry Global Group, Inc., Treasure Holdco, Inc.
- Effective
- 2024-02-06
Exact text from the filing
a Separation and Distribution Agreement, dated as of February 6, 2024 (the " Separation Agreement "), by and among the Company, Berry and Spinco
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.85
Magnera Corp entered into Tax Matters Agreement with Berry Global Group, Inc., Treasure Holdco, Inc. (effective 2024-02-06).
- Action
- entry
- Counterparty
- Berry Global Group, Inc., Treasure Holdco, Inc.
- Effective
- 2024-02-06
Exact text from the filing
and · a Tax Matters Agreement, dated as of February 6, 2024, by and among the Company, Berry and Spinco, which governs the parties’
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Magnera Corp entered into RMT Transaction Agreement with Berry Global Group, Inc., Treasure Holdco, Inc., Treasure Merger Sub I, Inc., Treasure Merger Sub II, LLC (effective 2024-02-06).
- Action
- entry
- Agreement
- merger
- Counterparty
- Berry Global Group, Inc., Treasure Holdco, Inc., Treasure Merger Sub I, Inc., Treasure Merger Sub II, LLC
- Effective
- 2024-02-06
Exact text from the filing
a Reverse Morris Trust (" RMT ") Transaction Agreement, dated as of February 6, 2024 (the " RMT Transaction Agreement "), by and among the Company, Merger Subs, Berry and Spinco
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.85
Magnera Corp entered into Employee Matters Agreement with Berry Global Group, Inc., Treasure Holdco, Inc. (effective 2024-02-06).
- Action
- entry
- Counterparty
- Berry Global Group, Inc., Treasure Holdco, Inc.
- Effective
- 2024-02-06
Exact text from the filing
· an Employee Matters Agreement, dated as of February 6, 2024, by and among the Company, Berry and Spinco, which governs the parties’
View on SEC.gov
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