Reynolds Walks Away With Graham Packaging

Rank Group-backed Reynolds Packaging Group has stolen Graham Packaging (NYSE: GRM) away from Silgan Holdings (NASDAQ: SLGN) with a revised $25.50 per share offer that values the company at approximately $4.5 billion including assumed debt. Silgan's combined cash and stock bid had valued Graham at about $4.1 billion. The Blackstone Group is the current majority shareholder of Graham.