We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Speculating in Takeover Targets -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (4971)8/5/2018 8:18:37 PM
From: richardred  Read Replies (1) | Respond to of 6101
UPDATE 1-Australia's Amcor shares on trading halt pending acquisition update

Aug 6 (Reuters) - Australian packaging company Amcor Ltd on Monday requested a trading halt to make an announcement on an acquisition, fuelling expectations of a bid for U.S. rival Bemis Co.

Amcor is in advanced talks to buy Bemis, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Shares of Bemis, which has a market value of about $4.2 billion, closed up 11.27 percent at $51.53 on Friday after the Wall Street Journal report.

“The trading halt is requested pending an announcement by Amcor in relation to an all-stock acquisition that is under consideration by Amcor,” the Australian company said in a statement.

The expected acquisition comes as the packaging industry is under severe pressure due to the rising cost of inputs, prompting firms to hike prices.