Silgan Holdings Tender Offer with 2% Upside

Company: Silgan Holdings
Ticker: SLGN
Market Cap: $3bn
Size of Action: $280mm
Type of Transaction: Dutch Auction Tender Offer
Current Price: $51.01
Tender Price: $45.50 - $52.25
Potential Gain (%): 2.4%
Expiration: November 15, 2016
Tender Limit (Shares): 99
Max Investment ($): $5,050
Max Gain ($): ~$120
Sec Filing: Link
Summary: Silgan Holdings is offering to purchase up to 5,494,505 shares of our common stock in a tender offer. SLGN is offering to purchase these shares at a price not less than $45.50 nor greater than $52.25 per share in cash, upon the terms and subject to the conditions described in this offer to purchase, accordingly, the company will purchase shares having an aggregate purchase price of no more than $250 million. At the minimum price of $45.50 per share in the Offer, we will purchase a maximum of 5,494,505 shares, or approximately 9.1% of our outstanding common stock as of October 14, 2016. At the maximum price of $52.25 per share in the Offer, we will purchase a maximum of 4,784,688 shares, or approximately 7.9% of our outstanding common stock as of October 14, 2016.
Source of Funds: Existing Cash.
Odd Lot Provision: ...Odd lots will be accepted for payment before any proration of the purchase of other tendered shares....
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