Silgan Holdings Down 4% On Heavy Volume

Silgan Holdings, Inc. (NASDAQ: SLGN) shares are down almost 5% today after the company was notified of an unsolicited bid for rival Graham Packaging (NYSE: GRM) for $1.64 billion.

Silgan had previously bid $22.10 per share for Graham Packaging, but the competing offer was $25 per share, about 13% higher than Silgan's offer.

At last check, shares of Silgan were off $2.03 to $41.12, a loss of 4.7% on 2.5 million shares.

Silgan Holdings Inc., through its subsidiaries, engages in the manufacture and sale of metal and plastic consumer goods packaging products primarily in the United States, Canada, and Europe.