View:
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No. __)*
Packaging Corporation of America
-----------------------------------------------------
(Name of Issuer)
common stock
-----------------------------------------------------
(Title of Class of Securities)
695156109
-----------------------------------------------------
(CUSIP Number)
December 31, 2002
-----------------------------------------------------
(Date of Event Which requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[X] Rule 13d-1(b)
[_] Rule 13d-(c)
[_] Rule 13d-1(d)
- ----------
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 19 Pages
CUSIP No. 695156109 Schedule 13G Page 2 of 19 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
The Governor and Company of the Bank of Ireland
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [_]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Ireland
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 4,812,757
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 4,812,757
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,812,757
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.6%
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
CO
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 695156109 Schedule 13G Page 3 of 19 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
IBI Interfunding
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [_]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of Ireland
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 4,812,757
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 4,812,757
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,812,757
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.6%
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
CO
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 695156109 Schedule 13G Page 4 of 19 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
BancIreland/First Financial, Inc.
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [_]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
New Hampshire
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 4,812,757
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 4,812,757
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,812,757
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.6%
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
CO
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 695156109 Schedule 13G Page 5 of 19 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
BIAM (US) Inc.
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [_]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 4,812,757
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 4,812,757
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,812,757
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.6%
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
CO
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 695156109 Schedule 13G Page 6 of 19 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Iridian Asset Management LLC
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [_]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 4,812,757
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 4,812,757
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,812,757
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.6%
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
IA
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 695156109 Schedule 13G Page 7 of 19 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
COLE Partners LLC
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [_]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 275,000
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 275,000
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
275,000
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.3%
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
HC
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 695156109 Schedule 13G Page 8 of 19 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Iridian Partners Fund, L.P.
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [_]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 72,400
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 72,400
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
72,400
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
less than 0.1%
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 695156109 Schedule 13G Page 9 of 19 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Iridian Investors, L.P.
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [_]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 70,500
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 70,500
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
70,500
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
less than 0.1%
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 695156109 Schedule 13G Page 10 of 19 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Iridian Private Business Value Equity Fund, L.P.
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [_]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 132,100
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 132,100
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
132,100
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.1%
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 695156109 Schedule 13G Page 11 of 19 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
David L. Cohen
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [_]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 5,930,657
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 5,930,657
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,930,657
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.7%
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 695156109 Schedule 13G Page 12 of 19 Pages
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Harold J. Levy
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [_]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES 0
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
OWNED BY 5,930,657
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING 0
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
WITH 5,930,657
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,930,657
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.7%
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
IN
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13G Page 13 of 19 Pages
________________________________________________________________________________
Item 1(a). Name of Issuer:
Packaging Corporation of America
________________________________________________________________________________
Item 1(b). Address of Issuer's Principal Executive Offices:
1900 West Field Court
Lake Forest, Illinois 60045
________________________________________________________________________________
Item 2.
(a) Name of Person Filing.
This Statement is being filed by and on behalf of The Governor and Company of
the Bank of Ireland (the "Bank of Ireland"), IBI Interfunding ("IBI"),
BancIreland/First Financial, Inc. ("BancIreland"), BIAM (US) Inc., Iridian Asset
Management LLC ("Iridian"), COLE Partners LLC ("COLE"), Iridian Partners Fund,
L.P. ("Iridian Partners"), Iridian Investors, L.P. ("Iridian Investors"),
Iridian Private Business Value Equity Fund, L.P. ("Iridian Private Business"),
David L. Cohen and Harold J. Levy (collectively, the "Reporting Persons").
(b) Address of Principal Business Office:
The principal business address of Bank of Ireland and IBI is Lower Baggot
Street, Dublin 2, Ireland.
The principal business address of BancIreland is Junction Marketplace #27, 1011
N. Main Street, White River Junction, VT 05501.
The principal business address of BIAM (US) Inc. is Liberty Park #15, 282 Route
101, Amherst, NH 03110.
The principal business address of Iridian, COLE, Iridian Partners, Iridian
Investors, Iridian Private Business, Mr. Cohen and Mr. Levy is c/o Iridian Asset
Management LLC, 276 Post Road West, Westport, CT 06880-4704.
(c) Citizenship or Place of Organization:
Bank of Ireland and IBI are Ireland corporations. BancIreland is a New Hampshire
corporation. BIAM (US) Inc. is a Delaware corporation. Iridian and COLE are
Delaware limited liability companies. Each of Iridian Partners, Iridian
Investors and Iridian Private Business is a Delaware limited partnership. Each
of David L. Cohen and Harold J. Levy is a citizen of the United States.
d) Title of Class of Securities:
This Statement relates to the shares of common stock, $.01 par value, of
Packaging Corporation of America.
(e) CUSIP Number: The CUSIP number is 695156109.
SCHEDULE 13G Page 14 of 19 Pages
_______________________________________________________________________________
Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or
(c), Check Whether the Person Filing is a:
(a) [_] Broker or dealer registered under Section 15 of the Exchange Act.
(b) [_] Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) [_] Insurance company as defined in Section 3(a)(19) of the Exchange
Act.
(d) [_] Investment company registered under Section 8 of the Investment
Company Act.
(e) [_] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
(f) [_] An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F);
(g) [_] A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
(h) [_] A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act;
(i) [_] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act;
(j) [X] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check this box. [_]
SCHEDULE 13G Page 15 of 19 Pages
_______________________________________________________________________________
Item 4. Ownership.
(a) and (b). Amount Beneficially Owned and Percent of Class:
As of the date of this Statement, the Reporting Persons beneficially owned in
the aggregate the number of shares of Common Stock, and the percentage, set
forth below (the percentage of shares of Common Stock owned being based upon
104,446,223 shares of Common Stock outstanding at nOVEMBER 8, 2002 as set forth
in the Issuer's Quarterly Report on Form 10-Q for the quarter ended September
30, 2002). The Reporting Persons may be deemed to have direct beneficial
ownership of shares of Common Stock as follows:
Name Number of Shares Approximate Percentage of
Outstanding Shares
Iridian (see Note 1) 4,537,757 4.3%
First Eagle 1,117,900 1.1%
Iridian Partners 72,400 less than 0.1%
Iridian Investors 70,500 less than 0.1%
Iridian Private Business 132,100 0.1%
Note 1: The shares of Common Stock set forth above for Iridian do not include
the shares of Common Stock held by Iridian Partners, Iridian Investors and
Iridian Private Business.
Iridian has direct beneficial ownership of the shares of Common Stock in the
accounts which it manages. In addition, Iridian is the investment adviser for
Iridian Partners, Iridian Investors and Iridian Private Business. In such
capacity, Iridian has the right to vote and direct the disposition of shares of
Common Stock held by such entities and, consequently, has beneficial ownership
of such shares.
BIAM (US) Inc., as the controlling member of Iridian, may be deemed to possess
beneficial ownership of the shares of Common Stock beneficially owned by
Iridian. BancIreland, as the sole shareholder of BIAM (US) Inc. may be deemed to
possess beneficial ownership of the shares of Common Stock beneficially owned by
BIAM (US) Inc. IBI, as the sole shareholder of BancIreland, may be deemed to
possess beneficial ownership of the shares of Common Stock beneficially owned by
BancIreland. Bank of Ireland, as the sole shareholder of IBI, may be deemed to
possess beneficial ownership of the shares of Common Stock beneficially owned by
IBI.
Messrs. Cohen and Levy may be deemed to possess beneficial ownership of the
shares of Common Stock beneficially owned by Iridian by virtue of having the
power to vote and direct the disposition of shares of Common Stock as joint
Chief Investment Officers of Iridian. Messrs. Cohen and Levy disclaim beneficial
ownership of such shares.
COLE, as the sole general partner of Iridian Partners, Iridian Investors and
Iridian Private Business, may be deemed to own beneficially shares of Common
Stock that Iridian Partners, Iridian Investors and Iridian Private Business may
be deemed to possess direct beneficial ownership. Iridian, as the sole member of
COLE, may be deemed to possess beneficial ownership of the shares of Common
Stock that are beneficially owned by COLE.
Messrs. Cohen and Levy, by virtue of their ability to exercise voting and
dispositive power over the shares of Common Stock beneficially owned by First
Eagle pursuant to their employment arrangements with A&SB Advisers described in
Item 8 of this Statement (which description is incorporated hereby by
reference), may be deemed to possess beneficial ownership of such shares.
Messrs. Cohen and Levy disclaim beneficial ownership of such shares for all
other purposes.
As used herein, "beneficial ownership" has the meaning set forth in Rule 13d-3
under the Securities Exchange Act of 1934, as amended.
SCHEDULE 13G Page 16 of 19 Pages
(c) Power to vote or dispose.
Iridian has the direct power to vote or direct the vote, and the direct power to
dispose or direct the disposition, of 4,537,757 shares of Common Stock. Messrs.
Cohen and Levy may be deemed to share with Iridian the power to vote or direct
the vote and to dispose or direct the disposition of such shares.
Iridian has the direct power to vote or direct the vote, and the direct power to
dispose or direct the disposition, of the 275,000 shares of Common Stock held in
the aggregate by Iridian Partners, Iridian Investors, and Iridian Private
Business. COLE (in addition to Messrs. Cohen and Levy) may be deemed to share
with Iridian the power to vote or direct the vote and to dispose or direct the
disposition of such shares.
Messrs. Cohen and Levy have the power to vote or direct the vote, and the power
to dispose or direct the disposition, of the 1,117,900 shares of Common Stock
held by First Eagle.
________________________________________________________________________________
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following: ____
Not Applicable.
________________________________________________________________________________
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
Not Applicable.
________________________________________________________________________________
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company.
Not Applicable.
SCHEDULE 13G Page 17 of 19 Pages
________________________________________________________________________________
Item 8. Identification and Classification of Members of the Group.
The principal business of Bank of Ireland is banking. Bank of Ireland is the
sole shareholder of IBI. The principal business of IBI is to serve as a holding
company. IBI is the sole shareholder of BancIreland. The principal business of
BancIreland is to serve as a holding company. BancIreland is the sole
shareholder of BIAM (US) Inc. The principal business of BIAM (US) Inc. is to
serve as a holding company. BIAM holds 61% of the equity interests of Iridian.
Iridian is an investment adviser registered under Section 203 of the Investment
Advisers Act of 1940, and its principal business is managing a number of
accounts containing securities over which Iridian has voting and dispositive
power. Iridian is also the sole member of COLE.
The principal business of COLE is serving as the general partner of each of
Iridian Partners, Iridian Investors and Iridian Private Business. The principal
business of each of Iridian Partners, Iridian Investors and Iridian Private
Business is investing in securities. Iridian serves as the investment adviser to
Iridian Partners, Iridian Investors and Iridian Private Business. COLE, as the
general partner of Iridian Partners, Iridian Investors and Iridian Private
Business, and Iridian, as the sole member of COLE and investment adviser to
Iridian Partners, Iridian Investors and Iridian Private Business, share voting
and dispositive power over the investments of Iridian Partners, Iridian
Investors and Iridian Private Business.
Each of Messrs. Cohen and Levy indirectly owns a minority equity interest in
Iridian and, as his principal occupation, serves as a director, executive
officer and portfolio manager of Iridian.
As of December 31, 2002, each of Messrs. Cohen and Levy also served as an
employee of Arnhold & S. Bleichroeder Advisers, Inc. ("A&SB Advisers"), an
investment adviser registered under the Investment Advisers Act of 1940. A&SB
Advisers acts as the investment adviser to First Eagle Fund of America, an
open-end non-diversified mutual fund ("First Eagle"), which is a separate series
or portfolio of First Eagle Trust, an investment company registered under the
Investment Company Act of 1940. To the Reporting Persons' knowledge, pursuant to
the terms of the investment advisory agreement between A&SB Advisers and First
Eagle, A&SB Advisors has the authority, for and in the name of First Eagle, to
vote and to dispose of securities owned by First Eagle. As employees of A&SB
Advisers, Messrs. Cohen and Levy perform A&SB's investment advisory duties and
functions with respect to First Eagle, including the exercise of voting and
dispositive power over securities held by First Eagle. Effective January 1,
2003, the employment relationship between each of Messr. Cohen and Levy
terminated, and Iridian became a sub-advisor of A&SB Advisors for the provision
of investment management servies to First Eagle Fund of America.
________________________________________________________________________________
Item 9. Notice of Dissolution of Group.
Not Applicable.
________________________________________________________________________________
Item 10. Certifications.
By signing below the undersigned certifies that, to the best of its or his
knowledge and belief, the securities referred to above were acquired and are
held in the ordinary course of business and were not acquired and are not held
for the purpose of and do not have the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having such purpose or
effect.
SCHEDULE 13-G Page 18 of 19 Pages
SIGNATURE.
After reasonable inquiry and to the best of its or his knowledge and belief, we
certify that the information set forth in this statement is true, complete and
correct.
Date: February 11, 2003
THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND
By: /s/ John Clifford
----------------------------------
John Clifford
Group Secretary
IBI INTERFUNDING
By: /s/ Terry Forsyth
----------------------------------
Terry Forsyth
Secretary
BANCIRELAND/FIRST FINANCIAL,INC.
By: /s/ Diane Morrison
----------------------------------
Diane Morrison
Director
BIAM (US) INC.
By: /s/ Diane Morrison
----------------------------------
Diane Morrison
Director
SCHEDULE 13G Page 19 of 19 Pages
IRIDIAN ASSET MANAGEMENT LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott
Executive Vice President
COLE PARTNERS LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott
Executive Vice President
IRIDIAN PARTNERS FUND, L.P.
By: COLE PARTNERS LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott
Executive Vice President
IRIDIAN INVESTORS, L.P.
By: COLE PARTNERS LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott
Executive Vice President
IRIDIAN PRIVATE BUSINESS VALUE EQUITY FUND, L.P.
By: COLE PARTNERS LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott
Executive Vice President
By: /s/ David L. Cohen
----------------------------------
David L. Cohen, individually
By: /s/ Harold J. Levy
----------------------------------
Harold J. Levy, individually
JOINT FILING AGREEMENT
This JOINT FILING AGREEMENT is made and entered into by and among The Governor
and Company of the Bank of Ireland, IBI Interfunding, BancIreland/First
Financial, Inc., BIAM (US) Inc., Iridian Asset Management LLC ("Iridian"), COLE
Partners LLC ("COLE"), Iridian Partners Fund, L.P. ("Iridian Partners"), Iridian
Investors, L.P. ("Iridian Investors") Iridian Private Business Value Equity
Fund, L.P. ("Iridian Private Business"), David L. Cohen ("Cohen") and Harold J.
Levy ("Levy").
The parties to this Agreement hereby agree to prepare jointly and file timely
(or otherwise deliver as appropriate) all filings on Schedule 13D and Schedule
13G (the "Filings") required to be filed by them pursunat to Section 13(d) or
13(g) under the Securities Exchange Act of 1934, as amended, with respect to
their respective ownership of any securities of Packaging Corporation of America
that are requireed to be reportd on any Filings. Each party to this Agreement
further agrees and covenants to the other parties that it will fully cooperate
with such other parties in the preparation and timely filing (and other
delivery) of all such Filings.
Date: February 11, 2003
THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND
By: /s/ John Clifford
----------------------------------
John Clifford
Group Secretary
IBI INTERFUNDING
By: /s/ Terry Forsyth
----------------------------------
Terry Forsyth
Secretary
BANCIRELAND/FIRST FINANCIAL,INC.
By: /s/ Diane Morrison
----------------------------------
Diane Morrison
Director
BIAM (US) INC.
By: /s/ Diane Morrison
----------------------------------
Diane Morrison
Director
IRIDIAN ASSET MANAGEMENT LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott
Executive Vice President
COLE PARTNERS LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott
Executive Vice President
IRIDIAN PARTNERS FUND, L.P.
By: COLE PARTNERS LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott
Executive Vice President
IRIDIAN INVESTORS, L.P.
By: COLE PARTNERS LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott
Executive Vice President
IRIDIAN PRIVATE BUSINESS VALUE EQUITY FUND, L.P.
By: COLE PARTNERS LLC
By: /s/ Jeffrey M. Elliott
----------------------------------
Jeffrey M. Elliott
Executive Vice President
By: /s/ David L. Cohen
----------------------------------
David L. Cohen, individually
By: /s/ Harold J. Levy
----------------------------------
Harold J. Levy, individually