Finance History | 11 Wall Street — BMS Stopped and AMCR Opened at Eleven Eighteen
· 2019-6
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Finance History | 11 Wall Street — BMS Stopped and AMCR Opened at Eleven Eighteen
kevin
People treat Amcor as an Australian packaging house that always printed AMCR on a New York tape.
The first New York book was a Jersey holding company built to swallow Bemis.
On 11 June 2019 Amcor plc completed the all-stock combination with Bemis Company, Inc.
Each outstanding Bemis common share converted into 5.1 ordinary shares of Amcor plc.
Bemis common stock, ticker BMS, was suspended on the New York Stock Exchange that morning.
The Exchange later notified the Securities and Exchange Commission that the BMS class would be removed from listing.
Amcor ordinary shares opened on the same floor under the letters AMCR.
Amcor's fiscal 2019 Form 10-K recorded the closing price that day as 11.18 U.S. dollars a share.
That print valued the equity consideration at about 5.23 billion U.S. dollars, from 91.7 million Bemis shares outstanding times the 5.1 exchange ratio.
The fixed ratio had been set in the 6 August 2018 transaction agreement.
Amcor shareholders were to hold about 71 percent of the combined book, Bemis shareholders about 29 percent.
CHESS Depositary Interests kept trading in Australia under AMC.
Bemis shares had last traded on 10 June 2019.
The company later rang the Opening Bell on 28 June 2019 to mark the dual listing.
Combined fiscal 2018 revenue was more than 13.4 billion U.S. dollars from about 245 sites in 40 countries.
The mechanism was a scheme of arrangement that created a new listed parent so an ASX packager could take a Wisconsin flexible-packaging book without a cash raise.
Photo: New York Stock Exchange Broad Street facade from the listing-collection cover.
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