Bemis' (BMS) Proposed Merger With Amcor Gets CADE Clearance
Zacks Investment Research | Apr 11, 2019 12:25AM ET
Bemis Company, Inc. (NYSE:BMS) has received an unconditional anti-trust clearance from the Brazilian Administrative Council for Economic Defense (CADE) without any remedial action, in connection with its closing of all-stock transaction with Amcor Limited. The company remains on track to close the deal on May 15.
However, the transaction remains subject to regulatory approval in the United States. Both companies are advancing discussions with the U.S. Department of Justice (DoJ) for required remedies. Collective potential remedies, inclusive of the ones required by the European Commission, represent an immaterial proportion of the total sales for the combined company and would not impact the net cost synergies of $180 million which will likely be delivered by the end of the third year following the completion.
Coming to the price performance, Bemis’ shares have appreciated 25.2% over the past year outperforming the Zacks Investment Research
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