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Graham Packaging (GRM.N) said it received an unsolicited buy-out offer from a third party, valuing the packaging products maker at $1.64 billion, higher than an earlier offer by larger rival Silgan Holdings Inc (SLGN.O).

The offer of $25 per share from the unidentified bidder is 13 percent higher than Silgan’s bid of about $22.10 a share.

Graham’s shares were trading up almost 18 percent at $25.84 — above the offer price — around midday on the New York Stock Exchange, indicating investors might be expecting a higher bid. Earlier in the session they rose as much as $26.18.

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