UPDATE: Deutsche Bank Downgrades Silgan Holdings to Hold

Deutsche Bank is out with its report today on Silgan Holdings (NASDAQ: SLGN), downgrading SLGN from Buy to Hold.

In a note to clients, Deutsche Bank writes, "Graham Packaging (NYSE: GRM) 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."

Deutsche Bank has a $40 PT on SLGN.

At the time of posting, shares of SLGN were trading at $39.57, down 1.08% from Friday's close.