Amcor Limited (ASX:AMC) ('Amcor') entered into a definitive agreement to acquire Bemis Company, Inc. (NYSE:BMS) ('Bemis') for $5.3 billion on August 6, 2018. Under the terms of the agreement, Amcor will acquire Bemis in an all-stock combination with a fixed exchange ratio of 5.1 Amcor shares for each Bemis share, resulting in Amcor and Bemis shareholders owning approximately 71% and 29% of the combined company, respectively. The transaction will be effected through a merger of Amcor and Bemis into a newly created holding company ('New Amcor') incorporated in Jersey. It is intended that New Amcor will be tax resident in the UK after closing. New Amcor will have a primary listing on the NYSE and a listing on the ASX. Bemis will survive the transaction as a wholly-owned subsidiary of Amcor plc. Following the consummation of the transaction, the Bemis Shares will be delisted from the NYSE, deregistered under the Exchange Act and cease to be publicly traded. In the event of termination, Bemis will pay Amcor a termination fee of $130 million and vice-versa. Upon completion of the transaction, New Amcor's Board is expected to comprise 11 members, 8 of whom are current Amcor directors, and 3 of whom are current Bemis directors. Eight current Amcor Directors will be Graeme Liebelt, Ronald S. Delia, Armin Meyer, Paul Brasher, Eva Cheng, Karen Guerra, Nicholas (Tom) Long, and Jeremy Sutcliffe and three current Bemis Directors will be Arun Nayar, David T. Szczupak and Philip G. Weaver. Amcor's current Chairman, Graeme Liebelt and current Chief Executive Officer Ronald S. Delia will continue in those roles after the transaction and Ronald S. Delia will continue to serve as the only Executive Director on the Board. New Amcor will continue to maintain a critical presence in Wisconsin and other key Bemis locations. Closing of the transaction is conditional upon the receipt of regulatory approvals (from United States, notification under European Merger regulation, Belarus, Brazil, China, Colombia, Kazakhstan, Mexico, Morocco, Eciador, to the extent required, Taiwan, to the extent required, Australia and New Zealand), approval by the shareholders of both Amcor and Bemis, effectiveness of Form S-4 filed under the Securities Act, expiration or early termination of applicable waiting periods under the HSR Act, listing of shares on NYSE, approval by the Federal Court of Australia under the Australian Act, and satisfaction of other customary conditions. The transaction is unanimously approved by the Boards of Directors of both the companies. Bemis' Board of Directors has unanimously recommended that its shareholders vote for the transaction. The meetings of the shareholders of Amcor and Bemis to seek approval for the transaction will be held on May 2, 2019. Amcor Ltd has filed for EU approval for the acquisition. The approval application was submitted on December 12, 2018 and the European Commission (EC) has set January 28, 2019 as a provisional deadline for a ruling. As on February 11, 2019, the European commission approved the transaction. As of March 12, 2019, S-4 was filed with SEC and is expected to be declared effective by March 27, 2019. As of March 12, 2019, the Independent Expert concluded that the transaction, including the Scheme, is in the best interests of shareholders Amcor. As of April 10, 2019, the transaction received unconditional antitrust clearance with no remedial action from the Brazilian Administrative Council for Economic Defense. In order to resolve certain specific antitrust concerns raised in the US associated with the transaction, Amcor entered into a binding agreement with Tekni-Plex Inc. for the sale of Amcor plants in Milwaukee, Ashland and part of the Madison plant. Amcor and Bemis shareholders approved the transaction at special meetings held on May 2, 2019. As on May 6, 2019, the transaction has received all the clearances and consents required prior to the second court hearing in Australia. As of May 31, 2019, The Department of Justice announced that Amcor Limited would be required to divest three manufacturing facilities and other assets in order to proceed with the acquisition. The Department's Antitrust Division filed a civil antitrust lawsuit in the U.S. District Court for the District of Columbia to block the proposed transaction. At the same time, the Department filed a proposed settlement that, if approved by the court, would resolve the Department's competitive concerns. Under the terms of the proposed settlement, Amcor must divest manufacturing facilities located in Ashland, Massachusetts; Milwaukee, Wisconsin; and Madison, Wisconsin; along with certain related assets, to Tekni-Plex Inc., or an alternate acquirer approved by the United States. As of June 4, 2019, the Federal Court of Australia approved the transaction. Amcor was admitted to the official list of ASX Limited. As of June 5, 2019, all conditions precedent to the implementation of the scheme have been satisfied or waived. As of June 4, 2019, Federal Trade Commission has granted early termination notice. The transaction is targeted to close in the first quarter of calendar year 2019. As of December 14, 2018, Amcor expects to close the transaction in the third quarter of 2019. As of January 24, 2019, 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. As of March 28, 2019, Amcor Limited announces that the Registration Statement on Form S-4 (S-4) under The Securities Act of 1933 of the United States has been declared effective by the Securities and Exchange Commission. As a result, it is now anticipated the transaction will close in the second quarter of calendar year 2019. As of March 12, 2019, the transaction is expected to close on May 15, 2019. As of June 4, 2019, the scheme will be implemented on June 11, 2019. The transaction expects double digit pro forma EPS accretion for all shareholders inclusive of cost synergies at full run rate. UBS AG, Australia Branch and Moelis & Company LLC are acting as financial advisors and Eric L. Schiele, Jonathan L. Davis, Carlo Zenkner, David Fox, David L. Perechocky, Jared M. Rusman, Richard B. Aftanas and Scott D. Price of Kirkland & Ellis and Rodd Levy, Rodd Levy, Simon Haddy, Mark Bardell, Sam Kings and Simon Walker of Herbert Smith Freehills as legal advisors to Amcor. UBS AG, Australia Branch and Moelis & Company LLC will each be paid $17.5 million as fees by Amcor. Herbert Smith Freehills and Kirkland & Ellis will receive fees of $1.8 million and $6.5 million respectively, from Amcor. Goldman Sachs & Co LLC is acting as financial advisor for to Bemis with a fee of $37 million, $5 million of which became payable at announcement of the transaction and the remainder of which is contingent upon consummation of the transaction. Michael A. Stanchfield, Amy C. Seidel, Steven J. Conley, Ashley E. Dorman, Page D. Fleeger, Miranda S. Hirner, James D. Leonard, Heather H. Manning, Paul S. Moe, Jonathan L.H. Nygren, Lisa R. Pugh, Mark P. Rosenfeld, Nicole A. Truso and Brandon C. Mason of Faegre Baker Daniels LLP, Ethan A. Klingsberg and James E. Langston of Cleary Gottlieb Steen & Hamilton LLP and MinterEllison acted as legal advisors to Bemis. Cravath, Swaine & Moore LLP acted as legal advisor to Goldman Sachs & Co. Innisfree M&A Inc. acted as proxy solicitor for Bemis with a base fee of $25,000 plus reasonable out-of-pocket expenses. KPMG Financial Advisory Services (Australia) Pty Ltd acted as Independent Expert for Amcor and will be paid fees of $0.6 million. Link Market Services Limited acted as registrar for Amcor and will be paid fees of $0.2 million. PricewaterhouseCoopers LLP acted as accountant for Bemis. PricewaterhouseCoopers Securities Ltd and acted as accountants for Amcor and will be paid fees of $0.6 million and $1.1 million respectively. Amcor Limited (ASX:AMC) completed the acquisition of Bemis Company, Inc. (NYSE:BMS) on June 11, 2019. The combined company will now operate as Amcor plc, trading on the New York Stock Exchange under the ticker symbol "AMCR" and the Australian Securities Exchange under the ticker symbol "AMC." As a result of the merger, Bemis is now a wholly owned subsidiary of Amcor plc. Upon closing, each of the directors of Bemis as of immediately prior to the effective time, namely, William Austen, Katherine Doyle, Adele Gulfo, David Haffner, Timothy Manganello, Guillermo Novo, Marran Ogilvie, Holly Van Deuersen, George Wurtz III, and Robert Yanker ceased to be directors. Also, Ian Wilson and Andrew Cowper became officers of Bemis and William Austen and Michael Clauer ceased to be officers of Bemis. The remaining officers of Bemis as of immediately prior to the effective time, namely, Sheri Edison, Timothy Fliss, Jerry Krempa, William Jackson and Fred Stephan, were reappointed as officers of Bemis at the effective time.