Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Packing giants <a href="https://www.smartkarma.com/entities/amcor-limited" target="_blank" data-smartkarma-citation="entities:674:1" rel="noopener">Amcor Limited (AMCR US/AMC AU)</a> and <a href="https://www.smartkarma.com/entities/berry-global-group-inc" target="_blank" data-smartkarma-citation="entities:9428:1" rel="noopener">Berry Global Group (BERY US)</a> announced they will combine in an all-stock transaction, with a ~63%/37% ownership split (respectively) in the MergeCo.</li>
<li>Amcor will issue 7.25 Amcor shares for each Berry share, for a US$73.59/share implied price. US$650mn of benefits from identified cost, growth and financial synergies by end of third year.</li>
<li>Closing, subject to shareholder and reg approvals, is targeted in the middle of 2025. The transaction has been unanimously approved by the boards of both Amcor and Berry.</li>
</ul>


Packing giants Amcor Limited (AMCR US/AMC AU) and Berry Global Group (BERY US) announced they will combine in an all-stock transaction, with a ~63%/37% ownership split (respectively) in the MergeCo.
Amcor will issue 7.25 Amcor shares for each Berry share, for a US$73.59/share implied price. US$650mn of benefits from identified cost, growth and financial synergies by end of third year.
Closing, subject to shareholder and reg approvals, is targeted in the middle of 2025. The transaction has been unanimously approved by the boards of both Amcor and Berry.


Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

Equity Bottom-Up

<ul><li>First I sold my Berry Global (BERY) shares (mentioned here a few days ago ) and my opinion on the spin-off transaction went from being neutral to slightly positive to neutral to slightly negative.</li><li>Probably should have looked into it deeper, but I got a large backlog of stocks to look at right now.</li><li>So what I will do is I will wait until after the spin-off before entering a position. I will be away anyway when the spin off begins trading, so I will not have the option to sell it right away, which I also don’t like.</li></ul>

First I sold my Berry Global (BERY) shares (mentioned here a few days ago ) and my opinion on the spin-off transaction went from being neutral to slightly positive to neutral to slightly negative.Probably should have looked into it deeper, but I got a large backlog of stocks to look at right now.So what I will do is I will wait until after the spin-off before entering a position. I will be away anyway when the spin off begins trading, so I will not have the option to sell it right away, which I also don’t like.

<ul><li>This is a reactivation of an old idea Berry Global (BERY) that I wrote about 2 years ago. It is basically a roll up in the plastic packaging business.</li><li>The first rule of roll up investing is that you want organic growth. Without organic growth it will be hard to get long term returns or an earnings multiple above 10x.</li><li>I wrote this stock up in early 2022 and sold it 6 months later at $61 for a 13% profit just below where it is trading now.</li></ul>

This is a reactivation of an old idea Berry Global (BERY) that I wrote about 2 years ago. It is basically a roll up in the plastic packaging business.The first rule of roll up investing is that you want organic growth. Without organic growth it will be hard to get long term returns or an earnings multiple above 10x.I wrote this stock up in early 2022 and sold it 6 months later at $61 for a 13% profit just below where it is trading now.

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

<ul><li>BERRY (BERY) has had a challenging start to the year but recent market trends have created an interesting investment opportunity for the company.</li><li>BERY had been in a strategic review process for its HH&amp;S business, with expectations for a sale to improve their balance sheet, but instead announced a spin off with Glatfelter Corporation (GLT), causing a drop in stock price.</li><li>The stock is now in a state of "DEAL PURGATORY" until the transaction is completed, leading to a selloff in the stock price and possible undervaluation for investors to consider.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

BERRY (BERY) has had a challenging start to the year but recent market trends have created an interesting investment opportunity for the company.BERY had been in a strategic review process for its HH&amp;S business, with expectations for a sale to improve their balance sheet, but instead announced a spin off with Glatfelter Corporation (GLT), causing a drop in stock price.The stock is now in a state of "DEAL PURGATORY" until the transaction is completed, leading to a selloff in the stock price and possible undervaluation for investors to consider.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Berry Global Group Inc (BERY) - Wednesday, Jul 17, 2024

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>In response to media speculation, <a href="https://www.smartkarma.com/entities/orora-ltd" target="_blank" data-smartkarma-citation="entities:16042:1" rel="noopener">Orora Ltd (ORA AU)</a> disclosed that it had rejected Lone Star's indicative non-binding proposal at A$2.55 per share, a 33.5% premium to the undisturbed price.</li>
<li>The offer is opportunistically timed to take advantage of the share price collapse precipitating from the profit warning on 2 April. </li>
<li>The Lone Star offer is unattractive and could also draw other suitors. If Lone Star walks, the downside is low, as Orora’s valuation is undemanding compared to peer multiples.</li>
</ul>


In response to media speculation, Orora Ltd (ORA AU) disclosed that it had rejected Lone Star's indicative non-binding proposal at A$2.55 per share, a 33.5% premium to the undisturbed price.
The offer is opportunistically timed to take advantage of the share price collapse precipitating from the profit warning on 2 April. 
The Lone Star offer is unattractive and could also draw other suitors. If Lone Star walks, the downside is low, as Orora’s valuation is undemanding compared to peer multiples.


Orora (ORA AU): Lone Star’s Opportunistic A$2.55 Offer

United States

Berry Global Group Inc. manufactures plastic products and containers. The Company produces agricultural film, moisture control products for buildings, closures, disposable cutlery, drop cloths, flexible packaging, overcaps, tapes, tubes, bottles, drink cups, lids, and trash bags. Berry Plastics markets its products worldwide.

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Berry Global Group (BERY US)

Amcor Ltd/Berry Global: Packing Them In

This looks done. IF you can take down borrow cheaply on Amcor, look to set up a long/short here. Bear in mind the divvies from both sides.

David Blennerhassett

Closing 5 ideas

First I sold my Berry Global (BERY) shares (mentioned here a few days ago ) and my opinion on the spin-off transaction went from being neutral to...

Turtles all the way down

Berry Global, Part II

This is a reactivation of an old idea Berry Global (BERY) that I wrote about 2 years ago. It is basically a roll up in the plastic packaging business.

Turtles all the way down

Berry Global Group Inc (BERY) - Wednesday, Jul 17, 2024

BERRY (BERY) has had a challenging start to the year but recent market trends have created an interesting investment opportunity for the company.

Value Investors Club (VIC)

Orora (ORA AU): Lone Star’s Opportunistic A$2.55 Offer

The Lone Star offer is unattractive and could also draw other suitors. If Lone Star walks, the downside is low, as Orora’s valuation is undemanding...

Arun George

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