Hart’s Packaged Deal
New Zealand billionaire Graeme Hart’s Reynolds Group Holdings Ltd has acquired Graham Packaging Co Inc (GRM.N) after raising its bid to $1.69 billion. Reynolds, a private-investment firm run by Hart, raised its payment to $25.5 a share from the initial $25-a-share bid in order to shorten the deadline for obtaining Blackstone Group LP’s written consent to the merger. The private-equity firm owns 61.3 per cent of Graham, which makes containers for items such as salsa, chocolate syrup and laundry detergent. Graham expects to close the deal in the second half of this year. Reynolds Packaging Group is based in Lincolnshire, Illinois.