Packaging
Silgan Announces Final Results of Tender Offer
Tuesday 16. November 2010 - Silgan Holdings Inc. (Nasdaq:SLGN), a leading supplier of consumer goods packaging products, today announced the final results of its "modified Dutch auction" tender offer, which expired at 5:00 p.m., New York time, on Monday, November 8, 2010.
Silgan has accepted for purchase 5,035,971 shares of its common stock at a price of $34.75 per share, for a total purchase price of approximately $175 million. The final proration factor for the offer is approximately 99 percent. Payment for the shares accepted for purchase, and return of all other shares tendered and not accepted for purchase, will be made promptly by BNY Mellon Shareowner Services, the depositary for the tender offer.
Pursuant to the Stock Purchase Agreement with Messrs. R. Philip Silver and D. Greg Horrigan, Silgans two largest stockholders and the Non-Executive Co-Chairmen of its Board of Directors, entered into in connection with the tender offer, Silgan will purchase an aggregate of 2,071,509 shares of its common stock on November 23, 2010 from Messrs. Silver and Horrigan and/or certain entities that hold shares of Silgans common stock that are beneficially owned by each of them, at a price of $34.75 per share, for a total purchase price of approximately $72 million. Following such purchase, Messrs. Silver and Horrigan will maintain substantially the same percentage beneficial ownership interest in Silgans common stock that each such person has immediately prior to the consummation of the tender offer.
After the completion of the tender offer and the purchase of shares under the Stock Purchase Agreement, Silgan will have purchased a total of 7,107,480 shares of its common stock for an aggregate total purchase price of approximately $247 million. These shares represent approximately 9.2 percent of Silgans common stock outstanding as of November 15, 2010.