Form 4: Berry Global Group Director Stephen Sterrett Reports Share Conversion Following Amcor Acquisition

Director Stephen Sterrett reports the conversion of Berry Global Group holdings into Amcor ordinary shares and cash following the completion of the acquisition by Amcor on April 30, 2025.

Summary

• Stephen Sterrett, a director of Berry Global Group, filed a Form 4 on May 2, 2025, detailing 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, along with potential cash in lieu of fractional shares.
• Sterrett's holdings of 33,608 shares of Berry Global Group common stock were disposed of as a result of the merger.
• His restricted stock units (RSUs) and stock options were also converted into Amcor RSUs and options, or the right to receive Amcor ordinary shares and cash, depending on their vesting status.
• Specifically, 4,044 Restricted Stock Units and 52,575 Stock Options were disposed of.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing related to a completed merger. It is neutral in tone and simply reports the facts of the transaction.

Future Outlook

The document primarily reports on the completed acquisition and does not contain forward-looking statements about future performance.

Industry Context

This announcement reflects ongoing consolidation trends within the packaging industry, where larger players like Amcor seek to expand their market share and capabilities through acquisitions.

Comparison to Industry Standards

• Amcor's acquisition of Berry Global Group is similar to other large-scale mergers in the packaging industry, such as Ball Corporation's acquisition of Rexam, which aimed to create a global leader in metal packaging.
• The conversion ratio of 7.25 Amcor shares per Berry share is a specific term of the merger agreement and would have been based on a valuation of Berry Global Group relative to Amcor at the time the deal was agreed.
• Similar transactions often involve the conversion of stock options and restricted stock units into equivalent instruments of the acquiring company, as seen in this case with Amcor.

Stakeholder Impact

• Shareholders of Berry Global Group received Amcor shares and potentially cash as a result of the acquisition.
• Employees of Berry Global Group may experience changes in their roles and responsibilities as the company integrates with Amcor.
• The acquisition could impact suppliers and customers of both Berry Global Group and Amcor as the combined company streamlines its operations.

Key Dates

Keywords

Form 4, Beneficial Ownership, Amcor, Berry Global Group, Acquisition, Merger, Stephen Sterrett, Conversion, Shares, RSU, Stock Options