A German medical packaging manufacturer has turned down an acquisition offer from an American competitor, according to industry sources familiar with the negotiations.
Gerresheimer declined the takeover proposal from US-based Silgan, and discussions between the two companies have ceased entirely, sources revealed.
The company’s stock initially dropped 5.4% following news of the rejected bid, though shares later recovered and moved slightly higher.
According to one insider, Gerresheimer is prioritizing the resolution of internal accounting issues and the sale of its American subsidiary Centor rather than pursuing acquisition talks.
In March, reports indicated that Silgan had expressed interest in acquiring Gerresheimer through a preliminary offer valued at 41 euros ($48.31) per share, representing more than twice the company’s current stock price.
When contacted for comment, a Gerresheimer representative stated the company does not address market speculation. Silgan has not responded to requests for comment.
