The market hasn’t yet recognized the value that will be created by packaging company Amcor Plc’s $8.4 billion takeover agreement last month for Berry Global Group Inc., Ancora said at the Bloomberg Activism Forum 2024.

Activist investor Ancora (NYSE:AMCR) pitched Amcor at an investor conference on the merits of its planned $8.4 billion all-stock takeover of Berry Global (BERY) that will combine the two packaging companies.

Ancora Alternatives LLC, a Cleveland-based investment firm, was a key driver in forcing Berry to reexamine its business after putting more than $100 million into the publicly traded company. Ancora started to show its displeasure publicly as early as 2021. Fellow activist investor Eminence Capital joined it in seeking change.