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Berry Plastics to Acquire AEP Industries Inc.

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By: Jamie Matusow

Editor-in-Chief

Berry Plastics Group, Inc. and AEP Industries Inc. have announced a merger agreement under which Berry will acquire all of the outstanding shares of AEP in a cash and stock transaction. Aggregate consideration will be $765 million, including AEP’s net debt. Each AEP shareholder will elect to receive either $110 in cash or 2.5011 shares of Berry common stock per AEP share in the transaction, subject to an overall 50/50 proration to ensure that 50% of the total outstanding AEP shares are exchanged for the cash consideration. Upon closing, AEP shareholders will own approximately 5% of Berry on a fully diluted basis.

AEP, headquartered in Montvale, NJ, is a manufacturer of flexible plastic packaging films in North America. For the four quarters ended April 2016, AEP generated net sales of $1.1 billion. Berry says it expects to realize cost synergies of $50 million or more annually.

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