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Berry Global, Glatfelter complete deal that creates Magnera
Earlier this week, Glatfelter (GLT) announced the successful completion of the merger between Berry Global's (BERY) Health, Hygiene and Specialties Global Nonwovens and Films business and Glatfelter, resulting in the creation of Magnera (MAGN), which was identified as "the largest nonwovens company in the world, with a broad platform of solutions for the specialty materials industry." Magnera began trading on the NYSE under the new ticker symbol "MAGN" on Tuesday, November 5. Under terms of the transaction, which was structured as a Reverse Morris Trust transaction, stockholders of Berry received 0.276305 shares of Magnera for each share of Berry common stock they held as of November 1. As a result, Berry stockholders received 31,807,098 shares of Magnera, representing 90% of Magnera shares on a fully diluted basis. Glatfelter's existing shareholders own the remainder of Magnera. All share amounts reflect the 1-for-13 reverse stock split effected November 4. Curt Begle, CEO of Magnera stated, "We are thrilled to announce the completion of this merger and the official launch of Magnera. As our name suggests, this marks the start of a magnificent new era in the specialty materials industry. The merger of Berry's HHNF Business and Glatfelter forms a powerful, differentiated global leader committed to uniting cutting-edge technologies, strengthening partnerships with the world's leading brands and expanding our global reach to serve fast-growing markets and highly profitable niches. This strategic combination enhances our ability to drive innovation and deliver unique solutions positioning Magnera to better serve our 1,000+ customers."
Glatfelter shareholders approve proposals related to Berry Global deal
Glatfelter Corporation (GLT) and Berry Global Group (BERY) announced that Glatfelter's shareholders have approved all matters relating to the merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films business with Glatfelter required to be approved by Glatfelter shareholders, as described in the proxy statement/prospectus provided to its shareholders in connection with the Special Meeting. At the Special Meeting of Glatfelter Shareholders held earlier today, Glatfelter shareholders voted to approve the share issuance proposal, the charter amendment proposals, the omnibus plan proposal and the advisory compensation proposal. The transaction is expected to close on November 4, subject to the satisfaction or waiver of the closing conditions for the transaction. As previously announced, in connection with the merger, Glatfelter will effect a reverse stock split and change its name to Magnera Corporation. The Board of Directors of Glatfelter approved a final reverse stock split ratio of 1-for-13. Accordingly, Glatfelter announced today that it will effect a 1-for-13 reverse stock split of its common stock, par value $0.01 per share, that it expects will become effective on November 4, at 12:01 AM Eastern Time, before the opening of trading on the New York Stock Exchange. Glatfelter's common stock will begin trading on the New York Stock Exchange on a split-adjusted basis when the market opens on November 4.
Glatfelter shareholders approve proposals related to merger of Berry business
Glatfelter Corporation (GLT) and Berry Global Group (BERY) announced today that Glatfelter's shareholders have approved all matters relating to the merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films business with Glatfelter required to be approved by Glatfelter shareholders, as described in the proxy statement/prospectus provided to its shareholders in connection with the Special Meeting. At the Special Meeting of Glatfelter Shareholders held earlier today, Glatfelter shareholders voted to approve the share issuance proposal, the charter amendment proposals, the omnibus plan proposal and the advisory compensation proposal. The transaction is expected to close on November 4, 2024, subject to the satisfaction or waiver of the closing conditions for the transaction. As previously announced, in connection with the merger, Glatfelter will effect a reverse stock split and change its name to Magnera Corporation The Board of Directors of Glatfelter approved a final reverse stock split ratio of 1-for-13. Accordingly, Glatfelter announced it will effect a 1-for-13 reverse stock split of its common stock, par value $0.01 per share, that it expects will become effective on November 4, 2024 at 12:01 AM Eastern Time, before the opening of trading on the New York Stock Exchange. Glatfelter's common stock will begin trading on the New York Stock Exchange on a split-adjusted basis when the market opens on November 4, 2024, under a new CUSIP number, 55939A 107.
Berry Global, Glatfelter provide update on HHNF spin-off and merger completion
Berry Global (BERY) and Glatfelter (GLT) announced that Berry has set a record date of the close of business on November 1 for the proposed spin-off of its Health, Hygiene and Specialties Global Nonwovens and Films business, or HHNF Business. The spin-off and merger of Berry's HHNF Business with Glatfelter are expected to be completed on November 4, subject to the satisfaction or waiver of the closing conditions for the transaction. As previously announced, in connection with the merger, Glatfelter will effect a reverse stock split and change its name to Magnera Corporation. Subject to the satisfaction or waiver of the closing conditions, on November 4, Berry will distribute all of the shares of stock of its wholly owned subsidiary that owns the HHNF Business to Berry stockholders as of the close of business on the November 1 record date by means of a pro rata distribution, Spinco will merge into a subsidiary of Magnera, and the shares of Spinco distributed to Berry stockholders will convert into the right to receive Magnera shares. Upon completion of the merger, Berry stockholders are expected to collectively own approximately 90% of the outstanding shares of Magnera common stock on a fully-diluted basis, and current Glatfelter shareholders are expected to collectively own approximately 10% of the outstanding shares of Magnera common stock on a fully-diluted basis. The actual number of shares of Magnera common stock that Berry stockholders will receive in the spin-off and merger with respect to each share of common stock, $0.01 par value per share of Berry will be determined based on the number of shares of Glatfelter common stock outstanding on a fully-diluted basis prior to the merger, the number of shares of Spinco common stock outstanding, which will equal the number of shares of Berry common stock outstanding on the actual record date, and the reverse stock split ratio determined by Glatfelter's board of directors. The spin-off and merger remain subject to the satisfaction or waiver of certain conditions including, but not limited to, approval by Glatfelter shareholders of certain matters related to the transactions. If the closing conditions are not satisfied or waived in advance of November 1, Berry may elect to change the record date to a later date.
Berry Global and Glatfelter announce record date for spin-off
Berry Global Group (BERY) and Glatfelter (GLT) announced that Berry has set a record date of the close of business on November 1 for the proposed spin-off of its Health, Hygiene and Specialties Global Nonwovens and Films business. The spin-off and merger of Berry's HHNF Business with Glatfelter are expected to be completed on November 4, subject to the satisfaction or waiver of the closing conditions for the transaction. Subject to the satisfaction or waiver of the closing conditions, on November 4 Berry will distribute all of the shares of stock of its wholly owned subsidiary that owns the HHNF Business to Berry stockholders as of the close of business on the November 1 record date by means of a pro rata distribution, Spinco will merge into a subsidiary of Magnera, and the shares of Spinco distributed to Berry stockholders will convert into the right to receive Magnera shares, as illustrated in the hypothetical below. Upon completion of the merger, Berry stockholders are expected to collectively own approximately 90% of the outstanding shares of Magnera common stock on a fully-diluted basis, and current Glatfelter shareholders are expected to collectively own approximately 10% of the outstanding shares of Magnera common stock on a fully-diluted basis. The spin-off and merger remain subject to the satisfaction or waiver of certain conditions including, but not limited to, approval by Glatfelter shareholders of certain matters related to the transactions. If the closing conditions are not satisfied or waived in advance of November 1 Berry may elect to change the record date to a later date.
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