Berry Global Group, Inc. - BERY STOCK NEWS

Berry Global has announced the sale of its Specialty Tapes business to Nautic Partners for approximately $540 million. This divestment aligns with Berry's strategy to focus on consumer-oriented markets. The company plans to use the proceeds to reduce debt. Combined with the cash from the HHNF spin-off, the total proceeds of $1.3 billion will reduce Berry's pro forma net debt to $5.9 billion.

This announcement follows Berry's recent agreement to combine with Amcor in an all-stock transaction. The combined entity is projected to generate $23.6 billion in revenue and $4.3 billion in EBITDA, with an 18% margin. The transaction is expected to complete by first half of 2025.

Berry Global reported Q4 fiscal 2024 results with net sales of $3.2 billion, up 3% year-over-year, and operating income of $269 million. The company achieved 2% organic volume growth excluding HHNF. For fiscal year 2024, net sales were $12.3 billion with operating EBITDA of $2,045 million. Berry completed the spin-off of its HHNF business and merger with Glatfelter The company returned $260 million to shareholders through share repurchases and dividends, reaching its leverage target of 3.5x. Additionally, Berry announced a definitive merger agreement with Amcor Plc in an all-stock transaction.

Amcor and Berry have announced a merger agreement in an all-stock transaction, creating a global leader in consumer packaging solutions. Berry shareholders will receive 7.25 Amcor shares for each Berry share, valuing Berry's stock at $73.59 per share. The combined company will have $24 billion in revenues and $4.3 billion in adjusted EBITDA, including synergies. The merger expects to deliver $650 million in annual earnings synergies and over 35% adjusted cash EPS accretion. The transaction, expected to close mid-2025, will result in Amcor and Berry shareholders owning approximately 63% and 37% of the combined company, respectively.

Berry Global Group (NYSE: BERY) has announced it will release its fourth quarter and fiscal year 2024 results on Wednesday, November 20, 2024, before NYSE trading begins. The company will host a quarterly conference call at 10 a.m. Eastern Time to discuss results and performance. The call will be accessible via telephone registration or webcast through the company's investor relations website. A replay will be available approximately two hours after the call's completion.

Berry Global Group (NYSE: BERY) has completed the merger of its Health, Hygiene and Specialties Global Nonwovens and Films business with Glatfelter , creating Magnera (NYSE: MAGN), the world's largest nonwovens company. Through a Reverse Morris Trust transaction, Berry stockholders received 0.276305 Magnera shares for each Berry share held as of November 1, 2024, resulting in Berry stockholders owning 90% of Magnera while Glatfelter shareholders retained 10%. Berry stockholders maintain their existing Berry shares alongside the new Magnera allocation. Trading of Magnera on NYSE under 'MAGN' begins November 5, 2024.

Berry Global Group (NYSE: BERY) has announced a significant dividend increase. The company's board of directors has declared a quarterly cash dividend of $0.31 per share, representing a nearly 13% increase from the previous amount. This adjustment brings the annualized dividend to $1.24 per share. The dividend will be paid on December 16, 2024, to stockholders of record as of December 2, 2024.

Glatfelter (NYSE: GLT) shareholders have approved all proposals related to the merger with Berry Global Group's (NYSE: BERY) Health, Hygiene and Specialties Global Nonwovens and Films business. The transaction is expected to close on November 4, 2024. In connection with the merger, Glatfelter will implement a 1-for-13 reverse stock split and change its name to Magnera . The reverse split will become effective on November 4, 2024, affecting all issued and outstanding shares, with no fractional shares to be issued. Trading will continue on NYSE under a new CUSIP number.

Berry Global Group has set November 1, 2024, as the record date for the spin-off of its Health, Hygiene and Specialties Global Nonwovens and Films business (HHNF), which will merge with Glatfelter on November 4, 2024. The merged entity will be renamed Magnera . Berry stockholders will own approximately 90% of Magnera, while Glatfelter shareholders will own about 10%. Based on current figures, Berry stockholders would receive approximately 0.24 shares of Magnera for each Berry share, assuming a 1-for-15 reverse stock split. Trading with due-bills will occur from November 1-4, 2024, with ex-distribution trading beginning November 5, 2024.

Berry Global Group and Glatfelter announced the pricing of an upsized $800 million senior secured notes offering due 2031 by Berry's subsidiary, Treasure Escrow This offering is related to the previously announced merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films business with Glatfelter in a Reverse Morris Trust transaction. The combined company will be renamed Magnera .

The notes, bearing a 7.250% interest rate, will be assumed by Magnera upon closing. Proceeds will fund a cash distribution to Berry Global, Inc., repay Glatfelter's existing debt, and cover transaction fees. The notes will be secured by various assets and rank pari passu with Magnera's new term loan facility and Glatfelter's existing senior notes. The offering is expected to close around October 25, 2024, subject to conditions.