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BMS

Bemis

$51.53

5.22 (11.27%)

08:25
08/06/18
08/06
08:25
08/06/18
08:25

Amcor Limited, Bemis to combine in $6.8B all-stock transaction

Amcor Limited and Bemis Company (BMS) announced that their respective Boards of Directors have unanimously approved a definitive agreement under which Amcor will acquire Bemis in an all-stock combination. Combining these two complementary companies will create the global leader in consumer packaging, with the footprint, scale and capabilities to drive significant value for shareholders, offer customers and employees the most compelling value proposition in the packaging industry and deliver the most sustainable innovations for the environment. The transaction will be effected at a fixed exchange ratio of 5.1 Amcor shares for each Bemis share, resulting in Amcor and Bemis shareholders owning approximately 71% and 29% of the combined company, respectively. This is equivalent to a transaction price of $57.75 per Bemis share based on Amcor's closing share price of A$15.28 on August 3, 2018, and represents a premium of 25% to Bemis' closing price of $46.31 per share as of August 2, 2018. Closing of the transaction is conditional upon the receipt of regulatory approvals, approval by both Amcor and Bemis shareholders, and satisfaction of other customary conditions. Subject to the satisfaction of the conditions to closing, the transaction is targeted to close in the first quarter of calendar year 2019. Under the terms of the transaction agreement, prior to closing each party will be permitted to continue paying dividends in an amount and on timing consistent with past practice.

BMS Bemis
$51.53

5.22 (11.27%)

12/06/17
KEYB
12/06/17
NO CHANGE
KEYB
Sector Weight
Bemis' room for margin improvement may not be far from target, says KeyBanc
In further analysis of the New York Post report that said Bemis (BMS) has hired Goldman Sachs (GS) to explore its options, KeyBanc analyst Adam Josephson raised the question of what Bemis' margins "should be." His analysis suggests Bemis has room for about 200-250 basis points of margin improvement, which he notes is "not dramatically different" than the company's current cost savings target. Bemis' EBITDA could grow $150M in the hands of the acquirer if everything goes according to plan, which "doesn't strike us as compelling for the buyer," wrote Josephson, who has a Sector Weight rating on the stock.
01/02/18
BOFA
01/02/18
DOWNGRADE
BOFA
Underperform
Bemis downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill analyst George Staphos downgraded Bemis to Underperform and raised its price target to $52 from $51 saying it doesn't screen well in an environment where global growth and emerging markets are picking up and rates are rising.
04/02/18
BOFA
04/02/18
UPGRADE
Target $50
BOFA
Buy
Bemis upgraded to Buy from Underperform at BofA/Merrill
BofA/Merrill analyst George Staphos upgraded Bemis two notches to Buy from Underperform and trimmed its price target to $50 from $53 saying shares have lagged the group. Staphos' discussions indicate both management and employees view improving performance as "imperative" and sees efforts to optimize manufacturing capacity and reduce SG&A costs as ultimately delivering better results. Further, The analyst notes traditional flexible packaging volumes have improved early in the year.
05/18/18
JEFF
05/18/18
INITIATION
Target $46
JEFF
Hold
Bemis initiated with a Hold at Jefferies
Jefferies analyst Daniel Rizzo started Bemis with a Hold rating and $46 price target. The analyst is cautious on the company's long-term organic growth profile.

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