Glatfelter shareholders approve proposals related to Berry Global deal

Glatfelter Corporation (GLT) and Berry Global Group (BERY) announced that Glatfelter’s shareholders have approved all matters relating to the merger of Berry’s Health, Hygiene and Specialties Global Nonwovens and Films business with Glatfelter required to be approved by Glatfelter shareholders, as described in the proxy statement/prospectus provided to its shareholders in connection with the Special Meeting. At the Special Meeting of Glatfelter Shareholders held earlier today, Glatfelter shareholders voted to approve the share issuance proposal, the charter amendment proposals, the omnibus plan proposal and the advisory compensation proposal. The transaction is expected to close on November 4, subject to the satisfaction or waiver of the closing conditions for the transaction. As previously announced, in connection with the merger, Glatfelter will effect a reverse stock split and change its name to Magnera Corporation. The Board of Directors of Glatfelter approved a final reverse stock split ratio of 1-for-13. Accordingly, Glatfelter announced today that it will effect a 1-for-13 reverse stock split of its common stock, par value $0.01 per share, that it expects will become effective on November 4, at 12:01 AM Eastern Time, before the opening of trading on the New York Stock Exchange. Glatfelter’s common stock will begin trading on the New York Stock Exchange on a split-adjusted basis when the market opens on November 4.