Combination of Amcor and Berry Global Creates a Compelling Investment Opportunity, With 50%-70% in Potential Upside as Synergies are Realized and Valuation Re-Rates

Ancora Holdings Group LLC (collectively with its affiliates, “Ancora”) today released its positive investment thesis on Amcor plc (NYSE: AMCR; ASX: AMC) (“Amcor”) that was presented at the Bloomberg Activism Forum by James Chadwick, President of Ancora Alternatives LLC. This follows Amcor’s recently announced merger with Berry Global Group, Inc. (NYSE: BERY) (“Berry”), which the companies expect to close in the middle of next year.¹ The presentation can be accessed here.

Key points from the presentation:²

• The combined entity stands to be a premium packaging company with a durable free cash flow profile and a conservatively estimated $650 million in synergies, at what we believe is a significantly discounted valuation.

• The combination creates a compelling investment opportunity with 50% to 70% upside, underpinned by Ancora’s strong conviction that the announced synergies are conservative.

• On a proforma basis, Ancora estimates the combined entity’s EBITDA could be $4.5 billion and its shares could rise from ~$10 today to ~$16 in the coming years.

About Ancora

Founded in 2003, Ancora Holdings Group, LLC offers integrated investment advisory, wealth management, retirement plan services and insurance solutions to individuals and institutions across the United States. The firm is a long-term supporter of union labor and has a history of working with union groups and public pension plans to deliver long-term value. Ancora’s comprehensive service offering is complemented by a dedicated team that has the breadth of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. For more information about Ancora, please visit https://ancora.net.

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¹ Amcor press release entitled “Amcor and Berry to combine in all-stock transaction creating a global leader in consumer, healthcare packaging solutions,” dated November 19, 2024 (link).

² See presentation for additional information regarding Ancora’s estimates and important performance disclosures (link).

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