Deutsche Bank Downgrades Silgan Holdings (SLGN) to Hold; Applaud Discipline, But Termination Could Pressure the Stock

Deutsche Bank downgraded Silgan Holdings (NASDAQ: SLGN) from Buy to Hold. PT cut from $51 to $40.

Deutsche analyst says, "Graham Packaging has opted to accept an all-cash offer of $25.50/share from Reynolds Group Holdings. This is a slightly-sweetened offer from an initial Reynolds offer of $25.00. As a result, a prior agreement to be acquired by Silgan Holdings for a mix of cash & stock has been terminated. It appears that Silgan did make enhancements to its initial offer. We are reducing our SLGN FY12 est from $3.10 to $3.00 to reflect the termination of the Graham deal."

For more ratings news on Silgan Holdings click here and for the rating history of Silgan Holdings click here.

Shares of Silgan Holdings closed at $40.00 yesterday.

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