Gores V (NASDAQ:GRSV) shareholders have approved its combination with the metal packaging division of recyclable materials producer Ardagh Group at a special meeting held yesterday.
The press release did not mention redemption figures, but stated Ardagh Metal Packaging received approximately $1.0 billion in gross proceeds. GRSV traded up to $10 throughout its redemption deadline July 30, and opened today at $10.49. Ardagh Group will retain a stake of approximately 82% in AMP and intends to remain a committed long-term majority owner of the business.
The combined entity will be named Ardagh Metal Packaging S.A and is expected to begin trading on the New York Stock Exchange tomorrow August 5, under the new ticker symbol “AMBP”.
The parties initially announced the $8.5 billion deal on February 23. Ardagh Metal Packaging provides recycled aluminum to the consumer packaging market with 24 recycling centers on three continents.
ADVISORS
- Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC are acting as financial advisors and capital markets advisors to Gores Holdings V and as joint lead placement agents on the PIPE.
- Weil, Gotshal & Manges, LLP and Loyens & Loeff N.V. are acting as legal advisors to Gores Holdings V.
- Citigroup is acting as exclusive financial advisor to Ardagh and is acting as joint lead placement agent on the PIPE.
- Shearman & Sterling LLP is acting as legal advisor to Ardagh.
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