MUNICH, April 17 (Reuters) - German medical packaging maker Gerresheimer has rejected a takeover bid from its U.S. rival Silgan, three sources familiar with the situation told Reuters. There are no
Exclusive-Gerresheimer rejects takeover bid from US packing firm Silgan, sources say
Details of the Gerresheimer and Silgan Takeover Bid
Background of the Takeover Attempt
MUNICH, April 17 (Reuters) - German medical packaging maker Gerresheimer has rejected a takeover bid from its U.S. rival Silgan, three sources familiar with the situation told Reuters.
Current Status of Negotiations
There are no longer any talks between the two companies, according to the sources.
Market Reaction
Shares in Gerresheimer were down 5.4% on the news before paring losses and swinging slightly into positive territory.
Company Strategies and Statements
Gerresheimer's Focus and Plans
One source said that Gerresheimer wants to focus for now on resolving its accounting problems and selling its U.S. subsidiary Centor.
Details of Silgan's Offer
Reuters reported in March that Silgan had signalled an interest in taking over Gerresheimer with a non-binding offer of 41 euros ($48.31) per share, more than double the current share price.
Official Comments
A Gerresheimer spokesperson said the company does not comment on market rumours. Silgan did not respond to a request for comment.
Additional Information
($1 = 0.8488 euros)
(Reporting by Alexander Huebner, Christoph Steitz and Anneli Palmen, writing by Miranda Murray and Linda Pasquini, editing by Friederike Heine and Thomas Seythal)
