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BMS

Bemis

$51.53

5.22 (11.27%)

08:30
08/06/18
08/06
08:30
08/06/18
08:30

New Amcor will have primary listing on the NYSE and listing on ASX

The combination will be effected through a merger of Amcor and Bemis into a newly created holding company incorporated in Jersey. It is intended that New Amcor will be tax resident in the UK after closing. New Amcor will have a primary listing on the NYSE and a listing on the ASX. Amcor and Bemis shareholders will receive shares in New Amcor in a tax-free exchange. Existing Amcor shareholders will have the option to receive one New Amcor ASX listed CDI or one New Amcor NYSE listed share for each Amcor share held. Bemis shareholders will receive 5.1 New Amcor NYSE shares for each Bemis share held, resulting in Amcor and Bemis shareholders owning approximately 71% and 29% of the combined company, respectively. This structure has several key benefits, including: Listings on two major global exchanges with primary listing on the NYSE and an ASX listing via CDIs; Expected index inclusion in the S&P 500 of the full market capitalization of the combined company (estimated at $17B) and pro-rata inclusion of CDIs in the S&P / ASX 200 index, resulting in greater liquidity and considerably increased index buying; and Ongoing financial strength and funding flexibility for continued investment. After completion of the transaction it is expected that key aspects of Amcor's financial profile will remain largely unchanged, including: A compelling, progressive dividend which will continue to be an important component of annual shareholder returns; Post closing, the first annual dividend paid by New Amcor is expected to be no less than the value of the last annual dividend per share declared by Amcor prior to completion of the transaction, providing significant dividend per share accretion to Bemis shareholders; and An on-going capital allocation philosophy consistent with Amcor's shareholder value creation framework. Upon completion of the transaction, New Amcor's Board is expected to comprise 11 members, 8 of whom are current Amcor directors, and 3 of whom are current Bemis directors. Amcor's current Chairman, Graeme Liebelt and current CEO Ron Delia will continue in those roles after the transaction and Delia will continue to serve as the only Executive Director on the Board. New Amcor will continue to maintain a critical presence in Wisconsin and other key Bemis locations. The combined company also expects to leverage Bemis' plant network and innovation center while continuing to invest in the U.S. New Amcor will continue to support the communities in which Bemis operates and announced a contribution of $35,000 to the Bemis Foundation on behalf of Amcor's 35,000 employees world-wide.

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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