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. 1)*


                        Packaging Corporation of America
             -----------------------------------------------------
                                (Name of Issuer)

                                  common stock
             -----------------------------------------------------
                         (Title of Class of Securities)

                                    695156109
             -----------------------------------------------------
                                 (CUSIP Number)


                               December 31, 2003
             -----------------------------------------------------
            (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 10 Pages




CUSIP No. 695156109           Schedule 13G             Page 2 of 10 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)  [_]
                                                                 (b)  [X]

________________________________________________________________________________
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          6,207,757
               _________________________________________________________________
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING         0
               _________________________________________________________________
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH            6,207,757
________________________________________________________________________________
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     6,207,757

________________________________________________________________________________
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          [_]

________________________________________________________________________________
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     5.9%

________________________________________________________________________________
12.  TYPE OF REPORTING PERSON*

     IA

________________________________________________________________________________
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!





CUSIP No. 695156109          Schedule 13G             Page 3 of 10 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)  [_]
                                                                 (b)  [X]

________________________________________________________________________________
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          6,207,757
               _________________________________________________________________
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING         0
               _________________________________________________________________
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH            6,207,757
________________________________________________________________________________
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     6,207,757

________________________________________________________________________________
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          [_]

________________________________________________________________________________
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     5.9%

________________________________________________________________________________
12.  TYPE OF REPORTING PERSON*

     CO

________________________________________________________________________________
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!



CUSIP No. 695156109          Schedule 13G             Page 4 of 10 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)  [_]
                                                                 (b)  [X]

________________________________________________________________________________
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          6,207,757
               _________________________________________________________________
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING         0
               _________________________________________________________________
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH            6,207,757
________________________________________________________________________________
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     6,207,757

________________________________________________________________________________
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          [_]

________________________________________________________________________________
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     5.9%

________________________________________________________________________________
12.  TYPE OF REPORTING PERSON*

     CO

________________________________________________________________________________
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!




CUSIP No. 695156109           Schedule 13G             Page 5 of 10 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)  [_]
                                                                 (b)  [X]

________________________________________________________________________________
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          6,207,757
               _________________________________________________________________
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING         0
               _________________________________________________________________
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH            6,207,757
________________________________________________________________________________
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     6,207,757

________________________________________________________________________________
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          [_]

________________________________________________________________________________
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     5.9%

________________________________________________________________________________
12.  TYPE OF REPORTING PERSON*

     CO

________________________________________________________________________________
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!




CUSIP No. 695156109           Schedule 13G             Page 6 of 10 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)  [_]
                                                                 (b)  [X]

________________________________________________________________________________
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          6,207,757
               _________________________________________________________________
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING         0
               _________________________________________________________________
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH            6,207,757
________________________________________________________________________________
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     6,207,757

________________________________________________________________________________
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          [_]

________________________________________________________________________________
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     5.9%

________________________________________________________________________________
12.  TYPE OF REPORTING PERSON*

     CO

________________________________________________________________________________
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!



CUSIP No. 695156109             SCHEDULE 13G              Page 7 of 10 Pages

This Amendment  amends in its entirety the Schedule 13G previously filed for the
month ended December 31, 2002.

________________________________________________________________________________
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 Iridian Asset  Management LLC
("Iridian"),  The  Governor  and  Company of the Bank of  Ireland  (the "Bank of
Ireland"),   IBI  Interfunding  ("IBI"),   BancIreland/First   Financial,   Inc.
("BancIreland"), and BIAM (US) Inc. (collectively, the "Reporting Persons").


(b) Address of Principal Business Office:

The principal  business address of Iridian is 276 Post Road West,  Westport,  CT
06880-4704.

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.

(c)  Citizenship or Place of  Organization:

Iridian is a limited  liability  company.  Bank of Ireland  and IBI are  Ireland
corporations.  BancIreland is a New Hampshire  corporation.  BIAM (US) Inc. is a
Delaware corporation.

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.



CUSIP No. 695156109            SCHEDULE 13G              Page 8 of 10 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)  [X]  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)  [X]  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)  [_]  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. [_]

_______________________________________________________________________________
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  6,207,757  shares of Common Stock which equates to  approximately
5.9% of the  outstanding  shares (the percentage of shares of Common Stock owned
being based upon 105,433,643  shares of Common Stock outstanding at November 10,
2003 as set forth in the Issuer's  Quarterly Report on Form 10-Q for the quarter
ended September 30, 2003).


Iridian has direct  beneficial  ownership  of the shares of Common  Stock in the
accounts  for which it serves as the  investment  adviser  under its  investment
management agreements.


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.

As used herein,  "beneficial  ownership" has the meaning set forth in Rule 13d-3
under the Securities Exchange Act of 1934, as amended.



CUSIP No. 695156109             SCHEDULE 13G              Page 9 of 10 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 6,207,757 shares of Common Stock.


________________________________________________________________________________
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.

The item 3 classification of each Reporting Person is as follows:

Iridian Asset  Management LLC is an investment  adviser in accordance  with Rule
13d-1(b)(1)(ii)(E).

The Governor and Company of the Bank of Ireland is a parent  holding  company or
control person in accordance with Rule 13d-1(b)(1)(ii)(G).

IBI  Interfunding  is a parent  holding  company or control person in accordance
with Rule 13d-1(b)(1)(ii)(G).

BancIreland/First  Financial, Inc. is a parent holding company or control person
in accordance with Rule 13d-1(b)(1)(ii)(G).

BIAM (US) Inc. is a parent holding  company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G).

________________________________________________________________________________
Item 8.  Identification and Classification of Members of the Group.

Not Applicable

________________________________________________________________________________
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.



CUSIP No. 695156109             SCHEDULE 13-G              Page 10 of 10 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: Februrary 5, 2004


                              IRIDIAN ASSET MANAGEMENT LLC

                              By: /s/    Jeffrey M. Elliott
                                   ----------------------------------
                                       Jeffrey M. Elliott
                                       Executive Vice President


                              THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND

                             By:   /s/   John Clifford
                                   ----------------------------------
                                        John Clifford
                                        Group Secretary


                              IBI INTERFUNDING

                             By:   /s/   Peter Nugent
                                   ----------------------------------
                                        Peter Nugent
                                        Secretary


                              BANCIRELAND/FIRST FINANCIAL,INC.

                              By:  /s/   Diane Morrison
                                    ----------------------------------
                                        Diane Morrison
                                        Director

                              BIAM (US) INC.

                              By:  /s/   Diane Morrison
                                    ----------------------------------
                                        Diane Morrison
                                        Director