Gerresheimer Rejects Silgan Takeover Bid Worth 41 Euros Per Share

German packaging company Gerresheimer has rejected a takeover bid from US firm Silgan Holdings, according to sources familiar with the situation. The companies are no longer in talks after Gerresheimer turned down the offer.

Silgan had been working with advisers on an approach that could have valued Gerresheimer at 41 euros per share. However, three people with knowledge of the situation told Reuters there are no ongoing discussions between the two companies.

Gerresheimer specializes in making glass and plastic containers for pharmaceuticals and cosmetics. The German company has been struggling recently, making it a potential target for acquisition.

Silgan Holdings is a US-based packaging company that makes metal containers for food and consumer products. The firm had signaled interest in acquiring the German company as part of expanding its operations.

Gerresheimer's stock price dropped after news of the rejected bid became public, reflecting investor disappointment that a deal won't move forward.