|
Delaware
|
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3089
|
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20-5234618
|
|
|
(State or other jurisdiction of
incorporation or organization) |
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(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer Identification No.)
|
|
|
Louis C. Spelios
Eliot W. Robinson Bryan Cave LLP One Atlantic Center Fourteenth Floor 1201 West Peachtree Street, NW Atlanta, Georgia 30309-3488 (404) 572-6785 |
| |
Richard J. Grossman
Skadden, Arps, Slate, Meagher & Flom LLP Four Times Square New York, New York 10036-6522 (212) 735-2116 |
| |
Michael S. Ben
Meredith Ervine Honigman Miller Schwartz and Cohn LLP 2290 First National Building 660 Woodward Avenue Detroit, MI 48226-3506 (313) 465-7316 |
|
| Large accelerated filer ☒ | | | Accelerated filer ☐ | | | Non-accelerated filer ☐ | | |
Smaller reporting company ☐
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| | | | | A-1 | |
| | | | | B-1 | |
| | | | | C-1 | |
| | | | | D-1 |
| | |
Fiscal Year Ended
|
| |||||||||||||||||||||||||||
| | |
October 1,
2016 |
| |
September 26,
2015 |
| |
September 27,
2014 |
| |
September 28,
2013 |
| |
September 29,
2012 |
| |||||||||||||||
| | |
(in millions, except per share amounts)
|
| |||||||||||||||||||||||||||
Statement of Operations Data: | | | | | | | |||||||||||||||||||||||||
Net sales
|
| | | $ | 6,489 | | | | | $ | 4,881 | | | | | $ | 4,958 | | | | | $ | 4,647 | | | | | $ | 4,766 | | |
Cost of goods sold
|
| | | | 5,202 | | | | | | 4,012 | | | | | | 4,190 | | | | | | 3,835 | | | | | | 3,984 | | |
Operating income
|
| | | | 581 | | | | | | 408 | | | | | | 316 | | | | | | 386 | | | | | | 325 | | |
Net income attributable to the Company
|
| | | | 236 | | | | | | 86 | | | | | | 62 | | | | | | 57 | | | | | | 2 | | |
Net income available to Common Stockholders:
|
| | | | | | |||||||||||||||||||||||||
Basic
|
| | | $ | 1.95 | | | | | $ | 0.72 | | | | | $ | 0.53 | | | | | $ | 0.50 | | | | | $ | 0.02 | | |
Diluted
|
| | | | 1.89 | | | | | | 0.70 | | | | | | 0.51 | | | | | | 0.48 | | | | | | 0.02 | | |
Balance Sheet Data (at period end): | | | | | | | |||||||||||||||||||||||||
Current assets
|
| | | $ | 1,792 | | | | | $ | 1,383 | | | | | $ | 1,432 | | | | | $ | 1,337 | | | | | $ | 1,233 | | |
Property, plant and equipment, net
|
| | | | 2,224 | | | | | | 1,294 | | | | | | 1,364 | | | | | | 1,266 | | | | | | 1,216 | | |
Goodwill
|
| | | | 2,406 | | | | | | 1,652 | | | | | | 1,659 | | | | | | 1,634 | | | | | | 1,626 | | |
Total assets
|
| | | | 7,653 | | | | | | 5,028 | | | | | | 5,252 | | | | | | 5,111 | | | | | | 5,060 | | |
Current liabilities
|
| | | | 1,031 | | | | | | 705 | | | | | | 767 | | | | | | 684 | | | | | | 646 | | |
Long-term debt obligations, less current portion
|
| | | | 5,712 | | | | | | 3,648 | | | | | | 3,844 | | | | | | 3,851 | | | | | | 4,385 | | |
Stockholders’ equity (deficit)
|
| | | | 221 | | | | | | (65) | | | | | | (114) | | | | | | (196) | | | | | | (475) | | |
Per Share Data | | | | | | | |||||||||||||||||||||||||
Book value at period end
|
| | | | | | |||||||||||||||||||||||||
Dividends
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Cash Flow and other Financial Data: | | | | | | | |||||||||||||||||||||||||
Net cash from operating activities
|
| | | $ | 857 | | | | | $ | 637 | | | | | $ | 530 | | | | | $ | 464 | | | | | $ | 479 | | |
Net cash from investing activities
|
| | | | (2,579) | | | | | | (165) | | | | | | (422) | | | | | | (245) | | | | | | (255) | | |
Net cash from financing activities
|
| | | | 1,817 | | | | | | (365) | | | | | | (119) | | | | | | (164) | | | | | | (179) | | |
| | |
For the
Nine Months Ended July 31, 2016 |
| |
For the
Nine Months Ended July 31, 2015 |
| |
For the Years Ended October 31,
|
| |||||||||||||||||||||||||||||||||
|
2015
|
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2014
|
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2013
|
| |
2012
|
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2011
|
| |||||||||||||||||||||||||||||
| | |
(in thousands, except per share data)
|
| |||||||||||||||||||||||||||||||||||||||
Consolidated Statement of Operations Data:
|
| | | | | | | | |||||||||||||||||||||||||||||||||||
Net sales
|
| | | $ | 810,404 | | | | | $ | 863,143 | | | | | $ | 1,141,391 | | | | | $ | 1,192,990 | | | | | $ | 1,143,852 | | | | | $ | 1,152,535 | | | | | $ | 974,792 | | |
Gross profit
|
| | | | 144,012 | | | | | | 130,541 | | | | | | 181,662 | | | | | | 121,905 | | | | | | 154,472 | | | | | | 182,743 | | | | | | 128,722 | | |
Operating income(1)
|
| | | | 56,656 | | | | | | 42,251 | | | | | | 62,718 | | | | | | 9,861 | | | | | | 33,316 | | | | | | 55,648 | | | | | | 25,231 | | |
Interest expense
|
| | | | (13,625) | | | | | | (14,252) | | | | | | (18,790) | | | | | | (19,571) | | | | | | (18,713) | | | | | | (19,077) | | | | | | (19,178) | | |
Other (expense) income, net(2)
|
| | | | (229) | | | | | | 220 | | | | | | 317 | | | | | | 270 | | | | | | 1,360 | | | | | | 829 | | | | | | 8,418 | | |
Income (loss) before (provision) benefit for income taxes
|
| | | | 42,802 | | | | | | 28,219 | | | | | | 44,245 | | | | | | (9,440) | | | | | | 15,963 | | | | | | 37,400 | | | | | | 14,471 | | |
(Provision) benefit for income taxes
|
| | | | (14,858) | | | | | | (10,048) | | | | | | (15,408) | | | | | | 3,934 | | | | | | (5,215) | | | | | | (14,248) | | | | | | (2,083) | | |
Net income (loss)
|
| | | | 27,944 | | | | | | 18,171 | | | | | $ | 28,837 | | | | | $ | (5,506) | | | | | $ | 10,748 | | | | | $ | 23,152 | | | | | $ | 12,388 | | |
Basic Earnings (Loss) per Common Share:
|
| | | | | | | | |||||||||||||||||||||||||||||||||||
Net income (loss) per common
share |
| | | $ | 5.47 | | | | | $ | 3.57 | | | | | $ | 5.66 | | | | | $ | (1.03) | | | | | $ | 1.93 | | | | | $ | 4.20 | | | | | $ | 2.10 | | |
Diluted Earnings (Loss) per Common Share:
|
| | | | | | | | |||||||||||||||||||||||||||||||||||
Net income (loss) per common
share |
| | | $ | 5.44 | | | | | $ | 3.56 | | | | | $ | 5.64 | | | | | $ | (1.03) | | | | | $ | 1.92 | | | | | $ | 4.16 | | | | | $ | 2.09 | | |
Cash dividends declared per common
share |
| | | | 0.75 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
July 31,
2016 |
| |
July 31,
2015 |
| |
2015
|
| |
2014
|
| |
2013
|
| |
2012
|
| |
2011
|
| |||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||
Consolidated Balance Sheet Data
(at period end): |
| | | | | | | | |||||||||||||||||||||||||||||||||||
Total assets
|
| | | $ | 469,393 | | | | | $ | 422,100 | | | | | $ | 440,205 | | | | | $ | 446,946 | | | | | $ | 471,563 | | | | | $ | 431,443 | | | | | $ | 415,669 | | |
Total debt (including current portion and
capital leases) |
| | | | 210,822 | | | | | | 213,758 | | | | | | 213,426 | | | | | | 256,331 | | | | | | 242,266 | | | | | | 217,332 | | | | | | 238,515 | | |
Stockholders’ equity
|
| | | | 114,298 | | | | | | 78,766 | | | | | | 89,648 | | | | | | 59,697 | | | | | | 85,413 | | | | | | 73,729 | | | | | | 49,986 | | |
| | |
Year ended October 1, 2016
|
| |||||||||||||||
| | |
Income(1)
|
| |
Book Value(2)
|
| |
Cash
Dividends |
| |||||||||
Berry Historical
|
| | | $ | 1.89 | | | | | $ | 1.83 | | | | | $ | — | | |
| | |
Twelve months ended July 31, 2016
|
| |||||||||||||||
| | |
Income(1)
|
| |
Book Value(2)
|
| |
Cash
Dividends |
| |||||||||
AEP Historical(3)
|
| | | $ | 7.52 | | | | | $ | 22.37 | | | | | $ | 0.75 | | |
| | |
Year ended October 1, 2016
|
| |||||||||||||||
| | |
Income(1)
|
| |
Book Value(2)
|
| |
Cash
Dividends |
| |||||||||
Pro Forma Combined(3)
|
| | | $ | 1.88 | | | | | $ | 4.01 | | | | | $ | — | | |
Per Equivalent AEP Share(4)
|
| | | | 4.70 | | | | | | 10.03 | | | | | | — | | |
| | |
Price Per Berry Common Share
|
| |
Dividends
Declared Per Berry Common Share |
| ||||||||||||
| | |
High
|
| |
Low
|
| ||||||||||||
Fiscal 2015 | | | | | | | | | | ||||||||||
First Quarter (ended December 27, 2014)
|
| | | $ | 31.88 | | | | | $ | 22.62 | | | | | | N/A | | |
Second Quarter (ended March 28, 2015)
|
| | | $ | 36.52 | | | | | $ | 30.88 | | | | | | N/A | | |
Third Quarter (ended June 27, 2015)
|
| | | $ | 37.08 | | | | | $ | 31.94 | | | | | | N/A | | |
Fourth Quarter (ended September 26, 2015)
|
| | | $ | 35.75 | | | | | $ | 28.43 | | | | | | N/A | | |
Fiscal 2016 | | | | | |||||||||||||||
First Quarter (ended January 2, 2016)
|
| | | $ | 37.59 | | | | | $ | 28.41 | | | | | | N/A | | |
Second Quarter (ended April 2, 2016)
|
| | | $ | 36.66 | | | | | $ | 27.79 | | | | | | N/A | | |
Third Quarter (ended July 2, 2016)
|
| | | $ | 40.00 | | | | | $ | 34.96 | | | | | | N/A | | |
Fourth Quarter (ended October 1, 2016)
|
| | | $ | 46.26 | | | | | $ | 38.19 | | | | | | N/A | | |
Fiscal 2017 | | | | | |||||||||||||||
First Quarter (through [•], 2016)
|
| | | $ | [•] | | | | | $ | [•] | | | | | $ | [•] | | |
| | |
Price Per AEP Common Share
|
| |
Dividends
Declared Per AEP Common Share |
| | ||||||||||||||
| | |
High
|
| |
Low
|
| | ||||||||||||||
Fiscal 2015 | | | | | | | | | | | | | | | | | | | | | ||
First Quarter (November – January)
|
| | | $ | 58.88 | | | | | $ | 43.10 | | | | | | N/A | | | | ||
Second Quarter (February – April)
|
| | | $ | 60.64 | | | | | $ | 35.20 | | | | | | N/A | | | | ||
Third Quarter (May – July)
|
| | | $ | 62.75 | | | | | $ | 42.98 | | | | | | N/A | | | | ||
Fourth Quarter (August – October)
|
| | | $ | 84.71 | | | | | $ | 47.43 | | | | | | N/A | | | | ||
Fiscal 2016 | | | | | | |||||||||||||||||
First Quarter (November – January)
|
| | | $ | 93.94 | | | | | $ | 71.44 | | | | | $ | 0.25 | | | | | |
Second Quarter (February – April)
|
| | | $ | 85.20 | | | | | $ | 60.10 | | | | | $ | 0.25 | | | | ||
Third Quarter (May – July)
|
| | | $ | 94.91 | | | | | $ | 56.89 | | | | | $ | 0.25 | | | | ||
Fourth Quarter (August – October)
|
| | | $ | 113.05 | | | | | $ | 75.26 | | | | | $ | 0.25 | | | | ||
Fiscal 2017 | | | | | | |||||||||||||||||
First Quarter (through December [•], 2016)
|
| | | $ | [•] | | | | | $ | [•] | | | | | $ | [•] | | | |
| | |
Berry Common Stock
|
| |
AEP Common Stock
|
| |
Implied Value of
Base Merger Consideration per AEP Share |
| |||||||||
| | |
(Dollars per share)
|
| |||||||||||||||
August 24, 2016
|
| | | $ | 43.28 | | | | | $ | 76.97 | | | | | $ | 109.12 | | |
[___________], 2016
|
| | | $ | [____] | | | | | $ | [____] | | | | | $ | [____] | | |
Name
|
| |
Performance Units(1)
|
| |||||||||
|
Number (#)
|
| |
Value ($)
|
| ||||||||
J. Brendan Barba
|
| | | | 85,610 | | | | | | 9,476,171 | | |
Paul Feeney
|
| | | | 11,125 | | | | | | 1,231,426 | | |
John Powers
|
| | | | 9,912 | | | | | | 1,097,159 | | |
Paul Vegliante
|
| | | | 2,381 | | | | | | 263,553 | | |
Linda Guerrera
|
| | | | 4,561 | | | | | | 504,857 | | |
David Cron
|
| | | | 2,849 | | | | | | 315,356 | | |
Robert Cron
|
| | | | 2,097 | | | | | | 232,117 | | |
Lawrence R. Noll
|
| | | | 2,500 | | | | | | 276,725 | | |
James B. Rafferty
|
| | | | 2,500 | | | | | | 276,725 | | |
Name
|
| |
Vested Options(a)
|
| |
Unvested Options(a)
|
| |
Restricted Stock Awards
|
| |||||||||||||||||||||||||||
|
Number (#)
|
| |
Value ($)
|
| |
Number (#)
|
| |
Value ($)
|
| |
Number (#)
|
| |
Value ($)
|
| ||||||||||||||||||||
Robert T. Bell
|
| | | | 11,600 | | | | | | 941,350 | | | | | | 400 | | | | | | 30,670 | | | | | | 876 | | | | | | 96,965 | | |
Ira Belsky
|
| | | | 400 | | | | | | 30,670 | | | | | | 400 | | | | | | 30,670 | | | | | | 876 | | | | | | 96,965 | | |
Richard E. Davis
|
| | | | 11,600 | | | | | | 941,350 | | | | | | 400 | | | | | | 30,670 | | | | | | 876 | | | | | | 96,965 | | |
Frank P. Gallagher
|
| | | | 11,600 | | | | | | 941,350 | | | | | | 400 | | | | | | 30,670 | | | | | | 876 | | | | | | 96,965 | | |
Lee C. Stewart
|
| | | | 11,600 | | | | | | 941,350 | | | | | | 400 | | | | | | 30,670 | | | | | | 876 | | | | | | 96,965 | | |
Name
|
| |
Cash ($)(1)
|
| |
Equity ($)(2)
|
| |
Pension/
NQDC ($) |
| |
Perquisites/
Benefits ($)(3) |
| |
Tax
Reimbursement ($) |
| |
Other ($)
|
| |
Total ($)
|
| |||||||||||||||||||||
J. Brendan Barba
|
| | | | 5,060,269 | | | | | | 9,476,171 | | | | | | — | | | | | | 20,736 | | | | | | — | | | | | | — | | | | | | 14,557,176 | | |
Paul M. Feeney
|
| | | | 2,252,670 | | | | | | 1,231,426 | | | | | | — | | | | | | 20,705 | | | | | | — | | | | | | — | | | | | | 3,504,801 | | |
John J. Powers
|
| | | | 1,852,175 | | | | | | 1,097,159 | | | | | | — | | | | | | 29,240 | | | | | | — | | | | | | — | | | | | | 2,978,574 | | |
Paul C. Vegliante
|
| | | | 1,340,825 | | | | | | 263,553 | | | | | | — | | | | | | 29,240 | | | | | | — | | | | | | — | | | | | | 1,633,618 | | |
Linda N. Guerrera
|
| | | | 906,111 | | | | | | 504,857 | | | | | | — | | | | | | 29,469 | | | | | | — | | | | | | — | | | | | | 1,440,426 | | |
Name(a)
|
| |
Severance ($)(b)
|
| |
Pro Rata
2017 Bonus ($)(c) |
| ||||||
J. Brendan Barba
|
| | | | 4,996,700 | | | | | | 63,569 | | |
Paul M. Feeney
|
| | | | 2,226,020 | | | | | | 26,650 | | |
John J. Powers
|
| | | | 1,830,800 | | | | | | 21,375 | | |
Paul C. Vegliante
|
| | | | 1,326,800 | | | | | | 14,025 | | |
Linda N. Guerrera
|
| | | | 897,000 | | | | | | 9,100 | | |
Name
|
| |
Cash ($)(1)
|
| |
Equity ($)(2)
|
| |
Pension/
NQDC ($) |
| |
Perquisites/
Benefits ($)(3) |
| |
Tax
Reimbursement ($) |
| |
Other ($)
|
| |
Total ($)
|
| |||||||||||||||||||||
David Cron
|
| | | | 1,408,129 | | | | | | 315,356 | | | | | | — | | | | | | 28,865 | | | | | | — | | | | | | — | | | | | | 1,752,350 | | |
Robert Cron
|
| | | | 955,252 | | | | | | 232,117 | | | | | | — | | | | | | 20,736 | | | | | | — | | | | | | — | | | | | | 1,208,105 | | |
Lawrence R. Noll
|
| | | | 290,649 | | | | | | 276,725 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 567,374 | | |
James B. Rafferty
|
| | | | 209,374 | | | | | | 276,725 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 486,099 | | |
Name(a)
|
| |
Severance ($)(b)
|
| |
Pro Rata
2017 Bonus ($)(c) |
| |
Retention
Bonus ($)(d) |
| |||||||||
David Cron
|
| | | | 1,393,400 | | | | | | 14,729 | | | | | | — | | |
Robert Cron
|
| | | | 948,600 | | | | | | 6,652 | | | | | | — | | |
Lawrence R. Noll
|
| | | | 159,300 | | | | | | 4,794 | | | | | $ | 126,555 | | |
James B. Rafferty
|
| | | | 85,604 | | | | | | 4,635 | | | | | $ | 119,135 | | |
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AEP Fiscal Year
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2016E
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2017E
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2018E
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2019E
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2020E
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2021E
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Revenue
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| | | $ | 1,090 | | | | | $ | 1,164 | | | | | $ | 1,187 | | | | | $ | 1,211 | | | | | $ | 1,235 | | | | | $ | 1,260 | | |
Gross Profit
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| | | $ | 188 | | | | | $ | 202 | | | | | $ | 208 | | | | | $ | 212 | | | | | $ | 216 | | | | | $ | 220 | | |
Adjusted EBITDA(1)
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| | | $ | 116 | | | | | $ | 118 | | | | | $ | 118 | | | | | $ | 120 | | | | | $ | 122 | | | | | $ | 123 | | |
Adjusted EBITDA (including stock based compensation)(2)
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| | | $ | 111 | | | | | $ | 114 | | | | | $ | 116 | | | | | $ | 119 | | | | | $ | 121 | | | | | $ | 123 | | |
EBIT(3) | | | | $ | 72 | | | | | $ | 85 | | | | | $ | 87 | | | | | $ | 90 | | | | | $ | 92 | | | | | $ | 94 | | |
Net Income
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| | | $ | 34 | | | | | $ | 43 | | | | | $ | 47 | | | | | $ | 51 | | | | | $ | 52 | | | | | $ | 53 | | |
Diluted EPS(4)
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| | | $ | 6.54 | | | | | $ | 8.39 | | | | | $ | 9.15 | | | | | $ | 9.89 | | | | | $ | 10.12 | | | | | $ | 10.39 | | |
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Implied Per Share Equity Value Reference Ranges for AEP
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Implied Base Merger Consideration
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EV/LTM Adjusted EBITDA
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$84.00 – $120.00
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$109.12
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Date Announced
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Acquiror
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Target
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December 23, 2014
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Wendel
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Constantia Flexibles
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April 2, 2013
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Hilex Poly Co. LLC
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Clondalkin Group Holdings Ltd.
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July 11, 2012
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Mondi Group
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Nordenia International AG
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March 7, 2012
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Amcor Ltd.
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Aperio Group
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October 17, 2011
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Tredegar Corporation
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Terphane Holdings LLC
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October 14, 2011
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Sun European Partners, Inc.
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Kobusch-Sengewald (a business unit of Pregis Corporation)
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October 13, 2009
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Berry Plastics Corporation
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Pliant Corporation
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August 16, 2009
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Amcor Ltd.
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Alcan Packaging (certain Europe and Asia businesses)
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July 5, 2009
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Bemis Company Inc.
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Alcan Packaging (Food Americas business)
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May 3, 2007
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Blackstone Group
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Klockner Pentaplast Group
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December 20, 2005
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Apollo Management, L.P.
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Covalence Specialty Materials Corp.
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Implied Per Share Equity Value Reference Ranges for AEP
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Implied Base Merger Consideration
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EV/LTM Adjusted EBITDA
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$57.00 – $129.00
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$109.12
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Implied Per Share Equity Value
Reference Range for AEP |
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Implied Base Merger Consideration
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$90.50 – $113.00
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$109.12
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Implied Per Share Equity Value Reference Ranges for AEP
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Berry Stock Price
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2016 EV/EBITDA
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2017 EV/EBITDA
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$35.50 – $53.50
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$33.50 – $52.00
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$43.28
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Implied Per Share Equity Value
Reference Range for AEP |
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Berry Stock Price
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$32.50 – $53.00
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$43.28
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