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.

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.

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.

Amcor plc and Berry Global Group Inc. have entered into a definitive merger agreement, pursuant to which Amcor and Berry will combine in an all-stock transaction valued at $8.4 billion.