Topic: How To Invest

Spinoffs, Takeovers and Special Situations Hotline – Friday, August 2, 2019

Article Excerpt

ARDAGH GROUP SA, $16.87, symbol ARD on New York, is a Luxembourg-based manufacturer of food and beverage packaging. It operates more than 100 facilities in 22 countries. The company launched its IPO in March 2017 at $19 a share. Ardagh announced July 15, 2019, that it would spin off its Food & Specialty Metal Packaging business and then combine it with Exal Corporation, a producer of aluminum containers. Exal is controlled by the Ontario Teachers’ Pension Plan Board (OTPP). The merged business, to be called Trivium Corporation, will be one of the world’s largest metal packaging companies. The Ontario Teachers’ Pension Plan Board will own 57% of Trivium. Under the terms of the deal, Ardagh will hold the remaining 43% and receive $2.5 billion in cash. The combined entity would have annual revenue of $2.7 billion, with 57 facilities in Europe and the Americas. The Netherlands will serve as its headquartered, with Exal CEO Michael Mapes serving as its top executive. Trivium will have diverse range…