Rank Group Pays $1.68B for Graham Packaging

New Zealand’s Rank Group will pay $1.68 billion, or $25.50 per share, for Graham Packaging Co., Reuters reported. Rank Group won the race for the company against Silgan Holdings by raising its bid from $25 per share. Silgan did not counter bid.

(Reuters) – New Zealand’s Rank Group won the race to acquire Graham Packaging Co Inc after it raised its offer to $1.68 billion and Silgan Holdings Inc failed to make a counter bid.

The offer price was raised to $25.50 per share in cash from $25 per share.

Separately, Silgan said the merger agreement with Graham Packaging has been terminated.

On Tuesday, Graham had backed the $1.64 billion bid by private investment company Rank Group, owned by New Zealand’s richest man Graeme Hart, and had given Silgan a three-day period to raise its previous offer. (Reporting by Divya Sharma in Bangalore; Editing by Roshni Menon)