Upon completion of the US$6.8 billion all-stock combination of Amcor and Bemis, a new-look board will be created to lead the merged business.
The combination will be effected through a merger of Amcor and Bemis into a newly created holding company, New Amcor, incorporated in Jersey. It is intended that New Amcor will be tax resident in the UK after closing. New Amcor will have a primary listing on the NYSE and a listing on the ASX. Amcor and Bemis shareholders will receive shares in New Amcor in a tax-free exchange. Existing Amcor shareholders will have the option to receive one New Amcor ASX listed CDI or one New Amcor NYSE listed share for each Amcor share held. Bemis shareholders will receive 5.1 New Amcor NYSE shares for each Bemis share held, resulting in Amcor and Bemis shareholders owning approximately 71 percent and 29 percent of the combined company, respectively.
New Amcor’s board is expected to comprise 11 members, eight of whom are current Amcor directors and the further three current Bemis directors. Amcor’s current chairman, Graeme Liebelt, and CEO Ron Delia will continue in those roles after the transaction. Delia will continue to serve as the only executive director on the board.