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
$14.85 |
Change
0.285(1.96%) |
Mkt cap ! $9.532B |
Open | High | Low | Value | Volume |
$14.76 | $14.89 | $14.76 | $27.33M | 1.852M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
29 | 7653 | $14.84 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$14.85 | 3437 | 7 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
23 | 12076 | 14.840 |
12 | 12730 | 14.830 |
10 | 10251 | 14.820 |
13 | 11917 | 14.810 |
11 | 10246 | 14.800 |
Price($) | Vol. | No. |
---|---|---|
14.850 | 5906 | 11 |
14.860 | 15764 | 12 |
14.870 | 20269 | 10 |
14.880 | 16380 | 12 |
14.890 | 8588 | 9 |
Last trade - 11.48am 23/07/2025 (20 minute delay) ? |
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