Shares of Berry Plastics Group Inc (NYSE:BERY) ended Friday session in red amid volatile trading. The shares closed down -1.43 points or -3.20% at $43.26 with 121.60 million shares getting traded. Post opening the session at $44.35 the shares hit an intraday low of $43.24 and an intraday high of $44.49 and the price vacillated in this range throughout the day. The company has a market cap of $5.15 Billion and the numbers of outstanding shares have been calculated to be 121.60 million shares.
On August 25, 2016 Berry Plastics Group, Inc. (“Berry”) 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.”
- Brendan Barba, AEP’s Chairman and CEO, commented, “We are excited to announce this compelling transaction with Berry, which delivers substantial value to our shareholders, while providing the opportunity to participate in the upside of the combination. We believe Berry is the right partner to expand our product portfolio to deliver high quality packaging films to even more customers around the world. Berry shares our commitment to teamwork and success, and we are confident our valued employees will benefit from the opportunities that come from being part of a larger company. We look forward to working with Berry to plan for a seamless integration for our customers and employees and to begin the next chapter in the company’s history.”
Shares of Unilever N.V. (ADR) (NYSE:UN) ended Friday session in red amid volatile trading. The shares closed down -1.07 points or -2.29% at $45.62 with 1.28 Billion shares getting traded. Post opening the session at $46.33 the shares hit an intraday low of $45.61 and an intraday high of $46.36 and the price vacillated in this range throughout the day. The company has a market cap of $136.31 Billion and the numbers of outstanding shares have been calculated to be 1.28 Billion shares.
On August 26, 2016 Unilever US announced it joins 29 companies in signing the White House Equal Pay Pledge. Unilever believes that business plays a critical role in reducing the pay gap. By signing the pledge, Unilever US commits to conducting an annual company-wide gender pay analysis, reviewing hiring and promotion processes and procedures to reduce unconscious bias and structural barriers, and embedding equal pay efforts into broader equity initiatives. The pledge reaffirms the company’s commitment to the advancement of women’s economic inclusion as a business priority and Unilever will continue to conduct comprehensive analyses of rewards and compensation across the organization.
As part of The Unilever Sustainable Living Plan, which is the company’s strategy for sustainable growth, Unilever created a framework for fair compensation across the organization. The “Framework for Fair Compensation” outlines how the various existing elements of the company’s compensation packages deliver fair compensation to employees and is supported by a methodology that monitors employee’s benefits.
“Unilever continues to be vocal about the equality of women in the workplace,” said Mike Clementi, Unilever North America Vice President of Human Resources. “By signing the White House Equal Pay Pledge, we remain committed to reviewing our policies and ensuring Unilever is a leader in providing benefits that empower women at work.”