Berry Global Spins Off Segment, Merges with Glatfelter
Company Announcements

Berry Global Spins Off Segment, Merges with Glatfelter

Berry Global Group (BERY) has released an update to notify the public and investors about an entry into a material definitive agreement.

Berry Global Group, Inc. is executing a strategic transaction to spin off its Health, Hygiene, and Specialties segment to a newly formed subsidiary, Spinco, which will then merge with Glatfelter Corporation. The deal involves transferring assets and liabilities associated with the segment to Spinco, followed by Berry distributing 100% of Spinco’s common stock to its shareholders. Subsequently, Spinco will become a wholly-owned subsidiary of Glatfelter through a two-step merger process. The transaction is designed to be tax-free for U.S. federal income tax purposes and is contingent on various approvals and conditions. Berry’s shareholders will own a significant majority of Glatfelter’s stock post-transaction, marking a notable change in ownership structure.

For further insights into BERY stock, check out TipRanks’ Stock Analysis page.

For a comprehensive understanding of the announcement, you can read the full document here.


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