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Silgan to Buy Blackstone’s Graham Packaging for $1.3 Billion

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By Firat Kayakiran and Zachary R. Mider

April 13, 2011 at 10:34 PM UTC

This article is for subscribers only.

Silgan Holdings Inc. agreed to buy Blackstone Group LP’s Graham Packaging Co. for about $1.3 billion in stock and cash to create what it says will be the world’s largest maker of food and specialty-beverage packaging.

Silgan offered 0.402 of a share and $4.75 in cash for each Graham share, Stamford, Connecticut-based Silgan said today in a statement, valuing Graham at $19.56 a share, or 17 percent more than yesterday’s closing price. Silgan jumped 19 percent in Nasdaq Stock Market trading.