Form 4: Berry Global Group President Disposes of Stock Options and Restricted Stock Units Following Amcor Acquisition

Jean-Marc Galvez, President of Berry Global Group, reports the disposition of stock options and restricted stock units following the acquisition of Berry Global Group by Amcor plc.

Summary

• Jean-Marc Galvez, President of Berry Global Group, filed a Form 4 detailing changes in beneficial ownership.
• The filing is related to the acquisition of Berry Global Group by Amcor plc, which was completed on April 30, 2025.
• As a result of the merger, Galvez's vested and unvested restricted stock units (RSUs) and stock options were either cancelled and converted into Amcor ordinary shares and/or restricted cash, or assumed by Amcor and converted into Amcor stock options.
• Vested RSUs were cancelled and converted into Amcor ordinary shares at a rate of 7.25 Amcor shares per Berry share, plus a cash amount for dividend equivalent rights (DERs).
• Unvested RSUs were converted into time-based restricted stock units of Amcor, also at a rate of 7.25 Amcor shares per Berry share, plus restricted cash equal to accrued but unpaid DERs.
• Vested stock options and unvested stock options that would have vested within 12 months of the merger were cancelled and converted into Amcor ordinary shares and cash for DERs.
• Unvested options were assumed by Amcor and converted into Amcor stock options, with the number of shares adjusted by a factor of 7.25 and the exercise price adjusted accordingly, plus restricted cash for DERs.
• Options with an exercise price equal to or greater than the merger consideration value were cancelled without consideration (other than accrued DERs).

Sentiment

Score: 6

Explanation: The document is a standard regulatory filing related to a merger. It doesn't express explicit positive or negative sentiment, but the completion of the acquisition could be viewed as neutral to slightly positive for Berry shareholders who received Amcor shares.

Future Outlook

The document does not contain forward-looking statements regarding the combined entity's future performance.

Industry Context

This announcement reflects the ongoing consolidation in the packaging industry, with Amcor acquiring Berry Global Group to expand its market presence and capabilities.

Comparison to Industry Standards

• Acquisitions of this scale are common in the packaging industry as companies seek to achieve economies of scale and expand their product offerings.
• Similar transactions include Ball Corporation's acquisition of Rexam and Smurfit Kappa's acquisition of WestRock.
• The conversion ratio of 7.25 Amcor shares per Berry share is a key metric for evaluating the fairness of the deal to Berry Global Group shareholders.

Stakeholder Impact

• Shareholders of Berry Global Group received Amcor shares and/or cash as part of the acquisition.
• Employees of Berry Global Group may experience changes in their roles and responsibilities as a result of the merger.
• The acquisition could impact suppliers and customers of both Berry Global Group and Amcor.

Key Dates

Keywords

Berry Global Group, Amcor, acquisition, merger, stock options, restricted stock units, Form 4, beneficial ownership, Jean-Marc Galvez