Investor Suit Over Packing Cos.' $6.8B Merger Tossed
Law360 (January 13, 2021, 5:24 PM EST) -- A New York federal judge shut down a proposed securities class action over the $6.8 billion merger of packing giants Amcor Ltd. and Bemis Co., finding that investors were not misled by a proxy statement they said omitted information about the companies' synergies.
In a 40-page opinion, U.S. District Judge John P. Cronan dismissed the suit with prejudice and found investors' claims that the proxy statement was misleading for purportedly leaving out details important to the merger were "simply incorrect."
"The proxy provided ample descriptions of the assumptions and methodologies relevant to the development of the net synergies," the opinion said....
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