Form 4: Berry Global Group Director Rahman Reports Share Disposal Following Amcor Acquisition

Director Jill A Rahman reports the disposal of Berry Global Group shares and derivative securities following the completion of the acquisition by Amcor plc on April 30, 2025.

Summary

• Jill A Rahman, a director of Berry Global Group, filed a Form 4 on May 02, 2025, reporting changes in beneficial ownership due to the acquisition of Berry Global Group by Amcor plc.
• The acquisition, completed on April 30, 2025, resulted in the conversion of Berry Global Group common stock into the right to receive 7.25 Amcor ordinary shares per Berry share.
• Rahman disposed of 6,246 shares of common stock.
• Rahman's restricted stock units (RSUs) and stock options were also affected by the merger, being converted into Amcor RSUs and stock options or the right to receive Amcor ordinary shares and/or cash.
• Vested RSUs were cancelled and converted into the right to receive Amcor ordinary shares and a cash amount equal to the Issuer's dividend equivalent rights (DERs).
• Unvested RSUs were cancelled and converted into Amcor RSUs and an amount in restricted cash equal to the amount that is accrued but unpaid as of the Effective Time with respect to the DERs corresponding to each such Unvested RSU Award.
• Vested stock options were cancelled and converted into the right to receive Amcor ordinary shares and a cash amount equal to the amount that is accrued but unpaid as of the Effective Time with respect to any DERs that corresponded to each such Vested Option.
• Unvested stock options were assumed by Amcor and converted into Amcor stock option awards and an amount in restricted cash equal to the value of any DERs that were accrued and unpaid as of the Effective Time with respect to each such Unvested Option.
• Rahman disposed of 2,092 Restricted Stock Units and 16,060 Stock Options.

Sentiment

Score: 6

Explanation: The sentiment is neutral as the document primarily reports the execution of a previously announced merger. There are no explicit positive or negative implications for Berry Global Group since it is being acquired.

Future Outlook

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

Industry Context

This announcement reflects ongoing consolidation within the packaging industry, with Amcor acquiring Berry Global Group to expand its market presence and capabilities. Such mergers are common as companies seek to achieve economies of scale and broaden their product offerings.

Comparison to Industry Standards

• Comparing this acquisition to other packaging industry deals, the conversion ratio of 7.25 Amcor shares per Berry share is a key metric for evaluating the deal's value.
• Similar transactions, such as Ball Corporation's acquisition of Rexam PLC, involved complex stock and cash considerations, highlighting the trend of consolidation in the packaging sector.
• The conversion of stock options and RSUs into equivalent Amcor instruments is standard practice in mergers to ensure continuity of employee incentives.

Stakeholder Impact

• Shareholders of Berry Global Group received Amcor shares in exchange for their Berry shares.
• Employees with stock options and RSUs had their awards converted into Amcor equivalents, maintaining their equity incentives.

Key Dates

Keywords

Form 4, Beneficial Ownership, Amcor, Merger, Acquisition, Berry Global Group, Rahman, Stock Options, Restricted Stock Units