UPDATE: Reynolds Group Offers to Acquire Graham Packaging Company for $25 per Share

Reynolds Group Holdings Limited today announced that it has negotiated definitive terms and conditions to acquire all of the outstanding shares of Graham Packaging Company Inc. GRM for $25.00 per share in cash. Graham has announced that its board of directors, upon recommendation of its special committee, has determined that the Reynolds Group proposal is superior to its pending transaction with Silgan Holdings Inc. SLGN. Graham has provided Silgan with three business days' written notice prior to Graham's board of directors changing its recommendation with respect to the pending transaction with Silgan, during which period Silgan has the right to make a responsive offer. Pursuant to the Reynolds Group proposed merger agreement, Graham shareholders will receive $25.00 in cash for each share of Graham common stock, representing a total enterprise value, including net debt, of approximately $4.5 billion. Graham is a leading global supplier of value-added rigid plastic containers for the food, specialty beverage and consumer products markets. The proposed transaction is expected to close in the second half of 2011 and is subject to customary regulatory approvals and closing conditions, including the approval of Graham's stockholders.