Form 4: Berry Global Group Director Robert Steele Disposes of Shares and Options Following Amcor Merger

Following the completion of Berry Global Group's merger with Amcor, director Robert Allan Steele reports the disposal of shares, restricted stock units, and stock options as they were converted into Amcor securities and cash.

Summary

• Robert Allan Steele, a director of Berry Global Group, filed a Form 4 detailing changes in his beneficial ownership following the merger of Berry Global Group with Amcor plc.
• The merger, effective April 30, 2025, resulted in the conversion of Berry Global Group's common stock into the right to receive 7.25 Amcor ordinary shares per Berry share.
• Steele disposed of 6,246 shares of Berry Global Group common stock.
• His restricted stock units (RSUs) were converted into Amcor restricted stock units and a cash amount equal to the dividend equivalent rights (DERs).
• Specifically, 2,092 RSUs were disposed of.
• His vested and unvested stock options were either cancelled and converted into the right to receive Amcor ordinary shares and cash, or assumed by Amcor and converted into Amcor stock options.
• 64,565 stock options were disposed of.
• The terms of the conversion varied depending on whether the options were vested or unvested, and whether the exercise price was greater than the merger consideration value.

Sentiment

Score: 7

Explanation: The document is a standard SEC filing related to a merger. The sentiment is neutral as it primarily reports factual information about the transaction and its impact on the reporting person's holdings. The score is slightly positive as the merger has been completed.

Industry Context

This announcement reflects the completion of a significant merger in the packaging industry, where consolidation is a common strategy for achieving scale and efficiency. Amcor's acquisition of Berry Global Group is likely aimed at strengthening its market position and expanding its product portfolio.

Comparison to Industry Standards

• Mergers of this scale are often compared to similar deals in the packaging industry, such as Ball Corporation's acquisition of Rexam, to assess the strategic rationale and potential synergies.
• The conversion ratio of 7.25 Amcor shares per Berry share can be benchmarked against other stock-based merger transactions to evaluate the fairness of the deal to Berry Global Group shareholders.
• The treatment of stock options and restricted stock units is standard practice in mergers, with the goal of preserving the economic value of these awards for the employees and executives.

Stakeholder Impact

• Shareholders of Berry Global Group received Amcor shares in exchange for their Berry shares.
• Employees with stock options and restricted stock units had their awards converted into Amcor awards or the right to receive Amcor shares and cash.
• The merger is expected to create synergies and efficiencies that could benefit the combined company's customers and suppliers.

Key Dates

Keywords

Form 4, Beneficial Ownership, Robert Allan Steele, Berry Global Group, Amcor, Merger, Stock Options, Restricted Stock Units, Shares, Conversion