March 30, 2010 (FinancialWire) — BWAY Holding Co. (NYSE: BWY), a North American supplier of general line rigid containers, said it has entered into an agreement to be acquired by a company organized by Madison Dearborn Partners, LLC in a deal worth around $915 million, including the assumption of debt.

The agreement has been unanimously approved by BWAY's board of directors. According to BWAY, the transaction was recommended to the board by a transaction committee established to evaluate, together with independent financial and legal advisors, interest in BWAY expressed by third parties.

Under the agreement, BWAY shareholders will receive $20 cash for each share of BWAY common stock they own, representing a premium, based on the closing price on March 26, 2010, of around25% percent over the 30 day average closing trading price and 16% over the 90 day average closing trading price.

According to BWAY, Bank of America Merrill Lynch and affiliates of Deutsche Bank Securities have committed to providing the debt financing in support of the transaction.

Under the terms of the agreement, BWAY may solicit alternative proposals from third parties for 30 days and intends to consider any such proposals.

Georgia-based BWAY Holding is a supplier of general line rigid containers. The company operates 20 plants throughout the United States and Canada serving customers on a national basis.

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