Amcor has announced that it has made significant progress towards completing the $5.25 billion, all-stock transaction to acquire US company Bemis.
The transaction has already been approved by the Board of Directors of both companies, and is now subject to antitrust approval and completion of shareholder meeting documentation review by the US Securities and Exchange Commission.
Amcor said integration planning led by a dedicated team of full time executives from both companies is well underway and preparation of documentation is nearing completion.
“The process toward securing required antitrust clearances and other regulatory consents in all jurisdictions which are conditional to closing have either been completed or are progressing in line with the range of original expectations,” Austal said in a statement.
“However, in the United States (US), antitrust approval and completion of shareholder meeting documentation review by the US Securities and Exchange Commission have been delayed due to the partial US government shutdown.”
“As a result, it is now anticipated the transaction will close in the second quarter of calendar year 2019.”
Upon completion, Amcor and Bemis shareholders will own approximately 71% and 29% of the combined company, respectively.