Not only is the size of the accelerated share repurchase transaction wholly insufficient, but the Board did not even increase its existing authorization. We deem Wednesday afternoon’s announcement of $50 million in planned share repurchases to be an insult to investors. In our view, it is time for the Board of Directors (the “Board”) to take real action to address the impediments to value creation that have compounded at Berry. However, despite these tailwinds, Berry has been a chronic underperformer that perpetually trades at a significant discount to the broader market, relevant indices and packaging peers. We also believe Berry has a capable management team that deserves credit for driving meaningful sales growth and earnings improvements in recent years. We believe Berry has a high-quality portfolio of packaging products and a unique value proposition to offer the global manufacturing sector. (“Berry” or the “Company”), with ownership of approximately one percent of the Company’s outstanding shares. CLEVELAND-( BUSINESS WIRE)-Ancora Holdings Group LLC today announced that it has sent the below letter to Berry Global Group, Inc.’s (NYSE: BERY) Board of Directors.Īncora Holdings Group LLC (together with its affiliates, "Ancora" or "we") is a shareholder of Berry Global Group, Inc.
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