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SLGN > SEC Filings for SLGN > Form 8-K on 16-Aug-2013All Recent SEC Filings

Show all filings for SILGAN HOLDINGS INC



Other Events, Financial Statements and Exhibits

Item 8.01. Other Events.

On August 13, 2013, Silgan Holdings Inc., or Silgan, issued a press release announcing that it had entered into a definitive agreement to purchase Portola Packaging, Inc., or Portola, a leading manufacturer of plastic closures. Portola operates eight manufacturing facilities in North America and Europe and had sales of approximately $200 million in 2012. The transaction is structured as a merger of a newly formed subsidiary of Silgan with and into Portola, with the surviving entity becoming a wholly-owned subsidiary of Silgan.

On the terms and subject to the conditions set forth in the merger agreement, Silgan agreed to acquire Portola for a cash purchase price of $266 million on a debt-free basis. Silgan expects to fund the purchase price from cash on hand and borrowings under its senior secured credit facility. Consummation of the transaction is subject to certain customary closing conditions, including antitrust clearance. The requisite stockholder approval of the merger agreement by Portola's stockholders was obtained after the parties entered into the merger agreement.

A copy of the press release is furnished herewith and attached hereto as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.                                  Description

99.1              Press Release dated August 13, 2013 announcing that Silgan has
                  entered into a definitive agreement to purchase Portola
                  Packaging, Inc.

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