Ancora berry full#

A credible capital allocation policy that prioritizes returning cash to shareholders could be one remedy for Berry’s punishing valuation gap. This suggests to us that Berry’s persistent valuation discount is linked to the risk of the Board continuing to allocate capital to acquisitions, rather than simply being the result of the Company’s leverage ratio. But even now that the Company's leverage ratio is within its target range, its shares still continue to underperform the market. Shareholders have historically suffered as the Company, which was previously saddled with immense debt, pursued deals with excessively high leverage ratios, causing its shares to trade at an acute discount. 1 Additionally, we remain concerned by Berry’s acquisition track record and leverage philosophy. Regrettably, these results have been accompanied by a paltry 29.7% share price uptick during his nearly five-year tenure. Salmon has presided over a 113.4% increase in annual revenues, an 83.8% increase in annual EBITDA and, most importantly, a 134.3% increase in diluted earnings per share. We have spent significant energy and time analyzing Berry’s operational and financial performance since Tom Salmon became Chief Executive Officer in February 2017.

Ancora berry full#

It is now necessary to initiate a comprehensive review of strategic alternatives, including a full sale or go-private transaction. As total shareholder returns have lagged in recent years, the Board has repeatedly failed to establish an accretive capital allocation policy and seize opportunities to monetize non-core real estate assets. 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. Pale coral pink, this is a dry, fresh and fruity rose with delicate aromas of red berries.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. After a slow, cool fermentation in temperature-controlled stainless steel tanks the wine was bottled young to preserve freshness and aromas. The grapes were harvested at optimum ripeness, crushed and the skins left in contact with the juice for 12 hours at a low temperature before gentle pressing.

The extra ripeness allows the dark-skinned Pinot Grigio grapes develop a pink tinge which is further enhanced by the addition of a small proportion of Pinot Noir grapes from the same vineyards. The ripest grapes were selected from mature hillside vineyards and hand harvested in early September. Produced from grapes grown in the Pavia region of northern Italy. Crisp and lively on the palate with good intensity of ripe berry and red cherry fruit. A dry, fresh and fruity rose with delicate aromas of red berries.