filecrux
Oct 19, 11:32 AM
$SLGN Follow-up: Packager Silgan proposed Oct 19 an AIP partnership, Silgan MCC, to hold its
$3.8B metal arm and buy Trivium at ~
$3.4B EV, 7.1x LTM adjusted EBITDA. Silgan keeps 60% and gets ~
$2.3B cash to retire debt, vs ~
$3.99B market value at
$37.795 (15:59 ET Oct 16, 2026) and
$351.5M cash at June 30, 2026. AIP pays ~
$1.0B for 40%; Silgan sees ≥15% adj. EPS accretion incl.
$225M synergies by year 3. That needs synergies ramping (
$75M yr1,
$150M yr2); Silgan consolidates MCC's debt. Close mid-2027 pending regulators; a tax-free spin path is outlined.
0 replies