Gerresheimer AG announced on April 17 that it has formally rejected Silgan Holdings’ non‑binding offer of €41 per share, a price that was more than twice Gerresheimer’s market value at the time of the proposal.
Gerresheimer’s decision was driven by a focus on resolving internal accounting issues that have attracted a BaFin investigation into its bill‑and‑hold contracts and the valuation of its Swiss subsidiary, Sensile Medical. CEO Dietmar Siemssen said, "We have come to the conclusion that a continuation of the discussions is not in the best interest of our company and its stakeholders. Our focus remains firmly on our operating business and consistently implementing our corporate strategy to lead the company on a on a sustainable profitable growth path." CFO Wolf Lehmann added, "As the newly formed management team, we want to ensure that the 2025 annual and consolidated financial statements fully meet our standards of quality, compliance, and transparency. Due to the ongoing investigations, the process is taking longer than expected. We are working through the issues identified so far in the investigations in a structured manner and in close consultation with the auditor."
Gerresheimer’s financial profile shows revenue of €2.3‑€2.4 billion and an adjusted EBITDA margin of 18‑19 %, with moderately positive free cash flow. Its market capitalization was about €730 million as of April 17, 2026. The company’s focus on accounting compliance and the planned divestment of its U.S. subsidiary, Centor, is expected to provide a cash infusion and strengthen its balance sheet.
Silgan Holdings, with a market capitalization of roughly $4.3 billion, has been pursuing growth through acquisitions in the medical‑packaging sector. The company reported Q4 2025 net sales of about $1.5 billion, up 4 % year‑over‑year, and full‑year 2026 guidance of adjusted earnings per share of $3.70‑$3.90. Silgan’s €41‑per‑share offer represented a strategic move to expand its product portfolio and market reach, but the valuation was deemed too high by Gerresheimer’s board.
The rejection signals Gerresheimer’s prioritization of internal stabilization over external expansion. For Silgan, the outcome means a shift of focus back to its core operations and existing growth initiatives. While the bid was not accepted, the event remains material, as it reflects a significant change in the competitive landscape and the strategic direction of both companies.
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