Ardagh Group announced that 85% of the holders of an 8% stake in the group opted to swap their stock for direct shares in the group’s newly listed beverage cans unit.

The company announced the preliminary results of its offer to exchange for shares in Ardagh Metal Packaging, which expired at midnight on October 5.

In a statement, the company said: “In accordance with the terms and conditions of the exchange offer and based on the preliminary count by Computershare Trust Company, N.A., the Company expects to accept for exchange approximately 15,869,750 AGSA Shares (representing approximately 85% of the total outstanding AGSA Class A Common Shares, as of October 5, 2021) for approximately 39,674,374 AMPSA Shares.

“Following the expected completion of the exchange offer, AGSA’s ownership of AMPSA is expected to be approximately 75%, with the public float increasing to approximately 25%.”

Ardagh Metal Packaging and Gores Holdings announced the completion of its business combination in August.

The combined company is named Ardagh Metal Packaging S.A. and commenced trading on the New York Stock Exchange on August 5, 2021 under the new ticker symbol “AMBP”. 

The Business Combination was approved at a special meeting of Gores Holdings V stockholders on August 3, 2021.