Graham Packaging Company receives unsolicited acquisition proposal

Graham Packaging Company Inc. (NYSE: GRM) announced today that it has received an unsolicited proposal from a third party to acquire all of the shares of Graham Packaging for $25 per share in cash. The board of directors of Graham Packaging, upon the recommendation of its special committee, has concluded that this proposal could reasonably be expected to lead to a proposal that is superior to the pending transaction with Silgan Holdings Inc. (Nasdaq: SLGN). The proposal is subject to due diligence, amongst other things, and there can be no assurance that the proposal will result in a definitive agreement providing for a transaction that is superior to the pending transaction with Silgan Holdings Inc., or that the terms of any new transaction entered into will be the same as those reflected in the unsolicited proposal. Graham Packaging's board of directors has not changed its recommendation with respect to the pending transaction with Silgan. In the event Graham Packaging's board of directors deems the proposal to be a superior proposal, Graham Packaging is required to provide Silgan with three business days' written notice prior to Graham Packaging's board of directors changing its recommendation with respect to the pending transaction with Silgan, during which period Silgan would have a match right.