Shares of Berry Plastics Group Inc (NYSE:BERY) ended Friday session in red amid volatile trading. The shares closed down -0.17 points or -0.38% at $44.28 with 1.96 million shares getting traded. Post opening the session at $44.11, the shares hit an intraday low of $43.96 and an intraday high of $44.47 and the price vacillated in this range throughout the day. The company has a market cap of $5.38 billion and the numbers of outstanding shares have been calculated to be 121.60 million shares.
On August 25, 2016 Berry Plastics Group, Inc. (BERY) and AEP Industries Inc. (AEPI) have entered into a definitive merger agreement under which Berry will acquire all of the outstanding shares of AEP in a cash and stock transaction. Aggregate consideration will be $765 million, including AEP’s net debt. Each AEP shareholder will elect to receive either $110 in cash or 2.5011 shares of Berry common stock per AEP share in the transaction, subject to an overall 50/50 proration to ensure that 50% of the total outstanding AEP shares are exchanged for the cash consideration. Upon closing, AEP shareholders will own approximately 5 percent of Berry on a fully diluted basis. Based on Berry’s closing stock price on August 23, 2016, the date the exchange ratio was set, the blended value of the merger consideration represented $110 per AEP share. Based on yesterday’s closing price of Berry’s stock, the blended value of the merger consideration represented $109.12 per AEP share.
AEP is a leading manufacturer of flexible plastic packaging films in North America. AEP manufactures and markets a diverse line of flexible plastic packaging products for consumer, industrial, and agricultural applications. Headquartered in Montvale, New Jersey, AEP operates 14 manufacturing facilities in the United States and Canada and has approximately 2,600 employees. For the four quarters ended April 2016, AEP generated net sales of $1.1 billion, net income of $39 million, and adjusted EBITDA of $103 million.
“We respect and admire the impressive company Brendan Barba has built over the last 40 years and look forward to welcoming AEP employees into Berry’s organization,” said Jon Rich, Chairman and CEO of Berry Plastics. “AEP, together with Berry’s Engineered Materials Division, creates an impressive packaging film producer serving the North American market. This unique combination offers the opportunity for significant value creation for Berry and AEP shareholders alike, as we realize procurement and operating cost savings across the two organizations.”
Shares of Energous Corp (NASDAQ:WATT) ended Friday session in green amid volatile trading. The shares closed up +1.00 points or 5.48% at $19.24 with 1.96 million shares getting traded. Post opening the session at $18.17, the shares hit an intraday low of $17.54 and an intraday high of $19.54 and the price vacillated in this range throughout the day. The company has a market cap of $363.75 million and the numbers of outstanding shares have been calculated to be 17.04 million shares.
Energous Corp (WATT) engages in the development of a wire-free charging system. Its technology could enable wire-free charging of electronic devices at a distance. The company is developing WattUp, a wire-free charging technology that charges electronic devices by surrounding them with a contained three dimensional radio frequency energy pocket. The company was formerly known as DvineWave Inc. and changed its name to Energous Corporation in January 2014. Energous Corporation was founded in 2012 and is headquartered in San Jose, California.