After Bloomberg reported Australian-based packaging company Amcor is considering a takeover of Bemis (BMS), KeyBanc analyst Adam Josephson says he does expect any deal to come in "much above" $55 per share for Bemis. Berry Global (BERY) is the only U.S. packager that might consider a competing offer, Josephson tells investors in a research note. He notes that at Thursday's closing price, Bemis is trading at 10.5 times the consensus 2017 adjusted EBITDA estimate. A 20% premium to yesterday's closing price would imply a $51 price, the analyst adds. He thinks Amcor would have to pay north of that in a deal. A price of $55 per share, just above Bemis' all-time high price of $54 per share, would imply a 12.0 times multiple, which is "quite expensive" for the packaging sector, Josephson argues. He has a Sector Weight rating on Bemis.