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Investing.com -- Shares of Gerresheimer AG (ETR:GXIG) plunged 11% on Friday after Bloomberg reported that KKR & Co (NYSE:KKR). pulled out of a private equity consortium that had been evaluating a potential takeover of the German packaging and medical technology company.
The consortium, which initially included both KKR, a global investment firm, and Warburg Pincus, had expressed interest in buying Gerresheimer, which is known for manufacturing specialized medical packaging, including injector pens for weight-loss drugs such as Novo Nordisk’s Wegovy.
Their non-binding bid, reportedly around 90 euros per share, valued the company at approximately €3.1 billion, the report said.
Despite KKR’s exit, Warburg Pincus remains engaged in discussions and is reportedly still considering a path forward.
Whether Warburg Pincus will attempt to proceed independently or seek new investment partners to revive the deal remains unclear.
Gerresheimer’s management has yet to issue a statement addressing the latest developments, while KKR has not commented on the reasons behind its withdrawal. Warburg Pincus has also declined to comment.
This abrupt shake-up follows Gerresheimer’s earlier acknowledgment in February that it was in preliminary discussions with private equity investors regarding a potential sale.
At the time, the company clarified that any interest expressed was informal and non-binding.