Amcor to acquire Berry Global in all-stock merger valued at ~$8.4B; each Berry share gets 7.25 Amcor shares

Amcor plc

Exchange ratio: 7.25 Amcor ordinary shares per Berry common share; fixed ratio, no collar.
Combined company board: 11 directors, 4 from Berry, Stephen Sterrett named deputy chair; Amcor CEO remains CEO.
Termination fees: $260M payable by either party under specified circumstances (superior proposal, board recommendation change).
Closing conditions include Berry stockholder adoption, Amcor shareholder approval, HSR and other regulatory clearances, no later than Nov 19, 2025 (extendable to May 19, 2026).
Amcor secured a $3.0B 364-day bridge loan facility from Goldman Sachs and UBS to refinance certain Berry debt if needed at closing.

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