Transactions by AVERY DENNISON CORP (AVY) in the last 6 months

CCL Industries Inc. (TSX:CCL.B) entered into a purchase agreement to acquire the office and consumer products and designed and engineered solutions businesses from Avery Dennison Corporation (NYSE:AVY) for $500 million in cash on January 29, 2013. The acquisition price is subject to net working capital adjustment and CCL Industries Inc. expects to have sufficient cash, available lines of credit to fund the purchase price. CCL Industries Inc. is also acquiring Avery brand ... as part of the transaction. A syndicate of banks has committed to provide debt financing for the completion of transaction. The office and consumer products and designed and engineered solutions businesses have total revenues of $910 million and adjusted EBITDA of $110 million for the year 2012. As on March 28, 2013, U.S. Federal Trade Commission has granted early termination of the Hart-Scott-Rodino waiting period for the deal. The transaction is subject to regulatory and antitrust approvals and is expected to close not earlier than May 31, 2013 and not later than June 30, 2013. The transaction received all regulatory clearances and expected to close in mid of 2013. The net proceeds of approximately $400 million from the acquisition will be used for repurchasing of shares and making an additional pension contribution by Avery Dennison Corporation. The transaction is expected to be accretive for CCL Industries Inc. on an earnings per share basis in 2014. J.P. Morgan Securities LLC acted as financial advisor while Jason Silvera, Scott Hodgkins and Jeffrey L. Kateman of Latham & Watkins LLP acted as legal advisors for Avery Dennison Corporation. Stephen R. Kretschman of Warner Norcross & Judd LLP acted as legal advisor for CCL Industries Inc. Alan F. Denenberg of Davis Polk & Wardwell LLP acted as legal advisor for J.P. Morgan Securities LLC.
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