Orora Limited's Rejection of Lone Star's Offer

Orora Limited (ASX: $ORA) has rejected an opportunistic, conditional, and non-binding indicative proposal from Lone Star Fund XII Acquisitions, LLC to acquire 100% of its issued shares. The proposal offered $2.55 per share, less any dividends declared or payable. The Board, after careful consideration, determined that the proposal materially undervalues Orora and is not in the best interests of its shareholders.

Executive Commentary on the Rejection

The Board, together with its advisers, carefully considered the Indicative Proposal and determined that it is not in the best interests of its shareholders to further engage with Lone Star on the basis of the Indicative Proposal, which materially undervalues Orora. Orora shareholders do not need to take any action in response to the Indicative Proposal. Orora will keep shareholders updated in accordance with its continuous disclosure obligations.

Summary of Orora's Announcement

Orora Limited (ASX: $ORA) has rejected an indicative proposal from Lone Star Fund XII Acquisitions, LLC, citing that it materially undervalues the company. Shareholders are advised not to take any action in response to the proposal. Orora will release its financial results for the year ending 30 June 2024 on Wednesday 14 August 2024 and looks forward to sharing an update on the progress it is making against its strategy. The rejection of the proposal reflects Orora's commitment to delivering value to its shareholders and its confidence in its strategic direction.