Ardagh Metal Packaging (AMBP) is unlikely to receive an acquisition bid from Ball (BALL) or Crown (CCK) due to potential regulatory concerns over their considerable market shares in the US and Europe, Truist Securities said in a Thursday note.

Earlier, Ardagh Metal's parent firm, Ardagh Holdings, said that a judge in Luxembourg withdrew an order blocking the sale process of all or part of its stakes in the unit.

The note also pointed to the fact that Ardagh was formed from the sale of some of Ball's assets required by regulators for its acquisition of Rexam in 2016.

Privately owned Canpack may become a potential buyer due to its limited footprint in the US, but it may face challenges getting regulatory approval in Europe on competition concerns based on its scale in the region, according to the note.

The report said the most likely acquirer would be a private equity firm, with the possibility of beverage can producers purchasing individual assets if the firm pursues carve-outs.

Truist kept its hold rating on the stock with a price target of $5.

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