On September 7th, AMC announced that they were in early takeover negotiations with US packaging firm Bemis Company.
The estimated value of the acquisition is in the AUD $5 billion range, which is not a quite 1/3 of AMC’s market capitialization of AUD $18 billion.
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Shares of AMC have traded about 3% lower since the announcement and reached a 2-month low of $15.20 last Friday.
We believe the internal momentum indicators are approaching an oversold condition, and consider current prices a reasonable level for a buy/write strategy.
Amcor
