Form 4: Berry Global Group Director, Idalene Fay Kesner, Disposes of Shares and Options Following Amcor Acquisition

Following the acquisition of Berry Global Group, Inc. by Amcor plc, director Idalene Fay Kesner reports the disposal of common stock, restricted stock units, and stock options as part of the merger agreement.

Summary

• Idalene Fay Kesner, a director of Berry Global Group, Inc., filed a Form 4 on May 2, 2025, reporting changes in beneficial ownership of securities.
• The changes are a result of the acquisition of Berry Global Group by Amcor plc, which was completed on April 30, 2025.
• As part of the merger agreement, Kesner's common stock was converted into the right to receive 7.25 Amcor ordinary shares per Berry Global share.
• Vested and unvested restricted stock units (RSUs) were cancelled and converted into Amcor RSUs and/or restricted cash.
• Vested and unvested stock options were also cancelled or converted into Amcor stock options.
• Kesner disposed of 45,246 shares of common stock.
• Kesner disposed of 2,092 Restricted Stock Units.
• Kesner disposed of 52,575 Stock Options.

Sentiment

Score: 6

Explanation: The document is neutral in tone, simply reporting the facts of the transaction. It's a standard regulatory filing following a merger.

Future Outlook

The document does not contain any specific forward-looking statements regarding the combined entity of Amcor and Berry Global Group from the perspective of the reporting person.

Industry Context

This announcement reflects the trend of consolidation within the packaging industry, with larger players like Amcor acquiring companies like Berry Global Group to expand their market share and capabilities.

Comparison to Industry Standards

• Amcor's acquisition of Berry Global Group is a significant transaction in the packaging industry, comparable to other major acquisitions such as Ball Corporation's acquisition of Rexam.
• The conversion of Berry Global shares to Amcor shares at a ratio of 7.25 is a key element of the deal, similar to how share exchange ratios are determined in other merger agreements.
• The treatment of stock options and restricted stock units (RSUs) in this merger is standard practice, with vested options and RSUs typically being cashed out or converted into equivalent securities of the acquiring company, and unvested options and RSUs being assumed by the acquiring company.

Stakeholder Impact

• Shareholders of Berry Global Group received Amcor shares as part of the acquisition.
• Employees of Berry Global Group may experience changes as the company integrates with Amcor.

Key Dates

Keywords

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