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Amcor Limited and Bemis Company, Inc. announced that their respective Boards of Directors have unanimously approved a definitive agreement under which Amcor will acquire Bemis in an all-stock combination.

Combining these two complementary companies will create the global leader in consumer packaging, with the footprint, scale and capabilities to drive significant value for shareholders, offer customers and employees the most compelling value proposition in the packaging industry and deliver the most sustainable innovations for the environment.

The transaction will be effected at a fixed exchange ratio of 5.1 Amcor shares for each Bemis share, resulting in Amcor and Bemis shareholders owning approximately 71 % and 29 % of the combined company, respectively. This is equivalent to a transaction price of US$ 57.75 per Bemis share based on Amcor’s closing share price of A$ 15.28(1) on August 3, 2018, and represents a premium of 25 % to Bemis’ closing price of US$ 46.31 per share as of August 2, 2018(2).

Overview of Amcor
Amcor is a global leader in responsible packaging solutions, supplying a broad range of rigid and flexible packaging products into the food, beverage, healthcare, personal care and other fast moving consumer end markets. Amcor operates around 195 sites in over 40 countries, with approximately 35,000 employees. For the year ended 30 June 2017, Amcor generated revenues of US$9. 1 billion and EBITDA of US$1.4 billion.

Overview of Bemis
Bemis Company, Inc. (“Bemis”) is a supplier of flexible and rigid plastic packaging used by leading food, consumer products, healthcare, and other companies worldwide. Founded in 1858, Bemis reported 2017 net sales of US$4.0 billion. Bemis has a strong technical base in polymer chemistry, film extrusion, coating and laminating, printing, and converting. Headquartered in Neenah, Wisconsin, Bemis employs approximately 16,000 individuals worldwide.

1) Equivalent to a US dollar share price of US$11.32 based on a AUD:USD exchange rate of 0.7411 as of August 3, 2018.
2) August 2, 2018 being the last trading day prior to market speculation on August 3, 2018 in relation to a transaction between Amcor and Bemis.