Amcor delays Bemis takeover on US shutdown
Packaging company Amcor has pushed back the closing date of its takeover of American rival Bemis by a quarter, citing regulatory logjam due to the partial US government shutdown.
The $5.25 billion all-stock deal was initially expected to close in the first quarter of 2019, Amcor had said in August last year.
But it has now been pushed to the second quarter.
“In the United States, antitrust approval and completion of shareholder meeting documentation review by the US Securities and Exchange Commission have been delayed due to the partial US government shutdown,” Amcor, the world’s biggest listed packaging company, Amcor said in a statement on Thursday.
The company had secured antitrust clearances and other regulatory consents in all other jurisdictions besides the US, the statement added.
Amcor swooped on Bemis last year as packaging firms jostled to buy growth with acquisitions.