Medical and cosmetic packaging maker Gerresheimer has turned down a takeover approach from US-based Silgan, reported Reuters, citing sources.
The sources add that Gerresheimer is currently prioritising efforts to address its accounting issues and to dispose of its US unit Centor.
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Last month, Reuters reported that Silgan is exploring the purchase and working with advisers on a proposal that may value Gerresheimer at €41 ($48.31) a share, more than twice its current market price.
A spokesperson for Gerresheimer said the company does not comment on market rumours.
Silgan did not reply to a request for comment.
The rejected approach comes as Gerresheimer is under increasing pressure over its financial reporting.
It was reported in February by Reuters that German financial watchdog BaFin has widened its examination of the company’s accounts as the group deals with accounting concerns and a sharp fall in its share price.
That broader review follows internal checks into accounting practices, a weaker business outlook and changes in senior leadership.
BaFin has extended its review of Gerresheimer’s 2024 financial statements to cover matters including possible misstatements in lease liabilities and the absence of impairment recognition for assets in its advanced technologies division.
The regulator has also started a separate audit of the company’s 2025 half-year financial report, pointing to potentially outdated risk disclosures, omitted impairment charges and misstated bill-and-hold revenue, a method where revenue is booked before products are delivered.
Recently, Gerresheimer has also secured support from lenders.
So far, holders representing 96% of the €870m promissory note volume have agreed to extend the deadline until September 30, 2026, for submitting the audited annual and consolidated financial statements for the 2025 financial year.
The company also reached an agreement with its banking partners on an extension that, subject to customary conditions, runs until 30 September 2026. In addition, key credit covenants linked to the debt ratio have been waived through the third quarter of the 2026 financial year.
Gerresheimer said ongoing investigations into business transactions in the 2024 and 2025 financial years made it necessary to delay publication of its 2025 annual and consolidated financial statements, as well as the quarterly statement for the first quarter of 2026.
The company said it still aims to publish the audited 2025 annual and consolidated financial statements in June 2026, with the quarterly statement for the first quarter of 2026 to follow shortly after.
Gerresheimer makes pharmaceutical primary packaging and drug delivery products, including insulin pens, inhalers, on-body devices, prefillable syringes and vials, as well as ampoules, bottles and containers for liquid and solid medicines with closure and safety systems.
It also supplies packaging for the cosmetics and food and beverage sectors.
