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Filling & Packaging 13.04.2011

Silgan To Acquire Graham Packaging

Silgan Holdings Inc., a leading supplier of rigid consumer goods packaging products, announced today it has entered into a…

Silgan Holdings Inc., a leading supplier of rigid consumer goods packaging products, announced today it has entered into a definitive merger agreement to acquire Graham Packaging Company Inc. (NYSE: GRM), a leading global supplier of value-added rigid plastic containers for the food, specialty beverage and consumer products markets.

Pursuant to the merger agreement, Graham shareholders will receive 0.402 shares of Silgan common stock and $4.75 in cash for each share of Graham common stock, representing a total enterprise value, including net debt, of approximately $4.1 billion. Based on Silgan's closing stock price on April 12, 2011, the transaction implies a value of $19.56 per Graham share, representing a premium over the closing price of Graham's stock on April 12, 2011 of approximately 17 percent.

The combined company has annual sales of over $6.2 billion, and its over 17,000 employees will operate 180 manufacturing facilities in 19 countries.

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