Amcor has released the scheme booklet for its all-stock acquisition of Bemis with the transaction unanimously recommended by the Boards of both companies.
The Bemis transaction is expected to be completed on 15 May 2019.
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AMC reported a solid 1H19 result in February and forecast underlying EPS growth of 3 – 4% supported by US$180m in cost synergies to be realized from the merger over the next 3 years.
Amcor trades on a 4.5% forward yield. In FY20 we expect the combined revenue to exceed US$14b and EBIT to increase to US$1.7b.
We remain buyers at or near $14.50.
