We are investigating the fairness of the proposed merger of Berry Global Group, Inc. (NYSE: BERY) (“Berry”) with Amcor plc (“Amcor”) in an all-stock transaction that values Berry at approximately $73.59 per share.
The implied deal price is below the price targets for Berry of at least eight Wall Street analysts, as per the list below (source: TipRanks).
If you remain a Berry shareholder and have concerns about the fairness of the exchange, you may contact our firm to discuss your legal rights at no charge by completing and submitting the form below.
Why is there an investigation?
On November 19, 2024, Berry announced that it had agreed to merge with Amcor in an all-stock transaction under which each Berry shareholder will received a fixed exchange ratio of 7.25 Amcor shares for each Berry share held at closing. The exchange values Berry at approximately $73.59 per share. Berry shareholders will own only 37% of the combined company.
Notably, according to TipRanks, the implied deal price of $73.59 per Berry share is below the price targets for Berry of at least eight Wall Street analysts:
- Anthony Pettinari of Citi ($83.00)
- Curt Woodworth of UBS ($82.00)
- George Staphos of Bank of America ($80.00)
- Philip Ng of Jefferies ($79.00)
- Adam Samuelson of Goldman Sachs ($77.00)
- Gabrial Hajde of Wells Fargo ($77.00)
- Stefan Diaz of Morgan Stanley ($76.00)
- Michael Roxland of Truist Financial ($74.00)
“We are investigating whether the Berry Board of Directors acted in the best interests of Berry shareholders in approving the merger,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the exchange ratio agreed upon is fair to Berry shareholders, and whether all material information regarding the transaction has been fully disclosed.”