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  "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-03-10 00:00:00",
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  "pageNumber": 89,
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  "notes": "The slide uses a red box to highlight the specific fundamental owners (American Century and Mairs & Power) who have been selling, directly contradicting the CEO's quote.",
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      "text": "Amcor's CEO touted \"flow forward\" instead of \"flow back\" from a cross border deal. Flow back occurs when investors sell an acquiror's shares in a cross border deal, usually from technical considerations. Our analysis calls into question his statement, and shows that actual fundamental owners of Bemis have been selling, while index/ETF owners have only moderately added.",
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      "text": "Amcor's CEO touted “flow forward” instead of “flow back” from a cross border deal. Flow back occurs when investors sell an acquiror’s shares in a cross border deal, usually from technical considerations. Our analysis calls into question his statement, and shows that actual fundamental owners of Bemis have been selling, while index/ETF owners have only moderately added.",
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      "kind": "quote",
      "text": "“And we believe that the listing in New York in particular in the multi-capitalisation which will approach $20 billion once the synergies are factored in, will put us sort of mid-way in the S&P500 index and create index buying that actually will create flow forward, right. You typically talk about flow back in cross border deals. We would expect flow forward.”",
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      "kind": "quote",
      "text": "\"And we believe that the listing in New York in particular in the multi-capitalisation which will approach $20 billion once the synergies are factored in, will put us sort of mid-way in the S&P500 index and create index buying that actually will create flow forward, right. You typically talk about flow back in cross border deals. We would expect flow forward.\" — CEO Dalia, Deal Call Aug 7, 2018",
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      "kind": "source-note",
      "text": "Source: Bemis Proxy holdings as of 3/1/19 and Amcor 2018 Annual Report. Analysis also uses Bloomberg. (1) Pre-deal announcement, American Century owned 5.4m shares and had been selling, while Mairs owned 3.6m and had also been selling",
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      "text": "Amcor Owners Pre/Post Deal table",
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      "text": "Top Bemis Owners Pre/Post Deal table",
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      "kind": "title",
      "text": "Failed Promise: The Transaction Will Create Buying Demand...",
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