Form 4: Berry Global Group Director Harper Meredith Disposes of Shares and Options Following Amcor Acquisition

Following the completion of Berry Global Group's acquisition by Amcor plc, director Harper Meredith reports the disposal of common stock, restricted stock units, and stock options as part of the merger agreement.

Summary

• Director Harper Meredith filed a Form 4 detailing changes in beneficial ownership of Berry Global Group, Inc. securities following the acquisition by Amcor plc on April 30, 2025.
• The acquisition, per the Merger Agreement dated November 19, 2024, resulted in the conversion of Berry Global's common stock into the right to receive 7.25 Amcor ordinary shares per Berry share.
• Vested and unvested restricted stock units (RSUs) were converted into Amcor ordinary shares and restricted cash, respectively, subject to the original terms and conditions.
• Vested stock options and unvested options that would have vested within 12 months of the acquisition were converted into Amcor ordinary shares and cash, while other unvested options were assumed by Amcor as converted options.
• The director disposed of 2,925 shares of common stock, 2,092 restricted stock units, and 6,178 stock options as a result of the merger.

Sentiment

Score: 7

Explanation: The document is a standard regulatory filing related to a completed merger. While it signifies a major corporate event, the sentiment is neutral as it primarily reports factual information about the transaction's impact on a director's holdings.

Future Outlook

The document does not contain any specific forward-looking statements beyond the completion of the merger.

Industry Context

This announcement reflects the completion of a significant acquisition in the packaging industry, where consolidation and strategic mergers are common to achieve scale and market leadership.

Comparison to Industry Standards

• Mergers and acquisitions are a common strategy in the packaging industry, with companies like Ball Corporation acquiring Rexam in 2016 for approximately $6.1 billion to expand their global footprint.
• The conversion of stock options and RSUs into acquirer's equity is a standard practice in M&A transactions, similar to Dow's acquisition of DuPont where equity awards were converted based on a predetermined ratio.
• The 7.25 share conversion ratio is specific to this deal, but similar transactions often involve complex calculations to ensure fair value exchange for shareholders and option holders.

Stakeholder Impact

• Shareholders of Berry Global Group received Amcor shares as part of the acquisition.
• Employees with unvested equity awards will have their awards converted into Amcor equity awards.
• The merger may impact the competitive landscape for suppliers and customers in the packaging industry.

Key Dates

Keywords

Form 4, Beneficial Ownership, Amcor, Merger, Berry Global Group, Acquisition