Activist Investor Ancora Backs Amcor’s Berry Deal (1)

The market hasn’t yet recognized the value that will be created by packaging company Amcor Plc’s $8.4 billion takeover agreement last month for Berry Global Group Inc., Ancora said at the Bloomberg Activism Forum 2024.

Amcor’s share price could eventually rise to about $16 thanks to the deal, representing an upside of 50% to 70% from its current price of about $10, said Jim Chadwick, president of Ancora Alternatives LLC during a presentation. Much of that will be driven by at least $650 million in potential synergies from the deal — a conservative estimate, of the ...