N@N

Brower Piven Announces an Investigation of the Acquisition of Graham Packaging Company, Inc. by Silgan Holdings, Inc.

^{Published on 2011-04-13 11:30:28 - Market Wire}
 

STEVENSON, Md.--([ BUSINESS WIRE ])--The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Graham Packaging Company, Inc. (aGrahama) (NYSE: GRM) and other violations of state law by the Board of Directors of Graham relating to the proposed acquisition of the company by Silgan Holdings, Inc. (aSilgana) (Nasdaq: SLGN). The firma™s investigation seeks to determine whether Graham and its Board breached their fiduciary duties by, among other things, failing to maximize shareholder value.

On April 13, 2011, Silgan and Graham jointly announced that they have entered into a definitive merger agreement for Graham to be acquired by Silgan. Under the terms of the 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. However, analyst targets have been as high as $22.00 per share. Indeed, Graham has been performing well recently with net sales for the fourth quarter of 2010 increasing to $643.9 million, an increase of $109.2 million over the fourth quarter of 2009. Adjusted EBITDA increased to $125.1 million compared to $99.9 million in the fourth quarter of last year.

If you currently own shares of Graham and would like to learn more about the investigation being conducted by Brower Piven, you may e-mail or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at [ hoffman@browerpiven.com ], by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.