Gerresheimer shares surge 25% after creditors grant debt relief and the firm rebuffs a Silgan takeover bid, gaining time to execute its recovery and sell its US unit Centor.
Shares in pharmaceutical packaging specialist Gerresheimer AG surged this week following a crucial dual development. The company successfully secured a major concession from its creditors while simultaneously rebuffing an unsolicited takeover approach, granting its management vital breathing room to execute a recovery plan.
The Düsseldorf-based firm announced that an overwhelming 96% of its noteholders agreed to extend key deadlines for its €870 million debt volume. Concurrently, banking partners have suspended significant financial covenants…