Gee, I sure as heck hope not.
Bemis generates EBITDA and EBIT of about US$590m pa and US$420m pa, respectively (which are approximately half that of AMC's EBITDA and EBIT).
Bemis currently has an EV of US$6.3bn (US$4.7bn market cap and US$1.6bn in Net Borrowings).
Assuming AMC has to pay a 15% to 20% control premium for Bemis, it implies an acquisition market cap of US$5.6bn, i.e., an EV of US$7.2bn.
On my maths, that equates to acquisition multiples in excess of 12.0x (EV/EBITDA) and 17x (EV/EBIT).
While it is quite self evident how such a course of action - if it is indeed the one that is chosen by the AMCOR board - will result in significant short-term value accruing to Bemis shareholders, I am highly sceptical how it can can possibly create any value whatsoever for AMC shareholders.
Accordingly, if the media reports concerning AMC acquiring Bemis have any truth about them, I suspect I will be selling my AMC shares over coming days.
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News: AMC UPDATE 1-Australia's Amcor in talks to buy U.S. packaging company Bemis - WSJ, page-2
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Last
$14.90 |
Change
0.040(0.27%) |
Mkt cap ! $9.564B |
Open | High | Low | Value | Volume |
$14.85 | $14.91 | $14.85 | $18.07M | 1.214M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
6 | 2934 | $14.90 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$14.92 | 383 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
6 | 2934 | 14.900 |
1 | 38 | 14.880 |
3 | 7461 | 14.860 |
4 | 3203 | 14.850 |
1 | 130 | 14.830 |
Price($) | Vol. | No. |
---|---|---|
14.940 | 1536 | 2 |
14.950 | 3138 | 3 |
15.000 | 14448 | 6 |
15.050 | 290 | 1 |
15.080 | 1000 | 1 |
Last trade - 16.10pm 28/07/2025 (20 minute delay) ? |
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