Gerresheimer shares jump as activist investor buys over 5% stake
By Isabel Demetz and Marleen Kaesebier
Oct 9 (Reuters) -Gerresheimer's GXIG.DE shares rose as much as 6.8% on Wednesday after a regulatory filing showed activist investor Ricky Chad Sandler had bought a 5.43% stake in German medical packaging maker.
The shares were trading 4.9% higher by 1030 GMT after the stake was disclosed late on Tuesday.
Dialogue between Sandler, the founder of activist investor Eminence Capital, and Gerresheimer's management had been ongoing since June, a spokesperson for the German group said.
"We don't know their agenda," the spokesperson added, but said Gerresheimer did not have an impression that Sandler was looking at an activist agenda.
Eminence was not immediately available for comment.
Gerresheimer in late September cut its annual outlook for the second time this year as it reported preliminary third quarter results, sending its shares tumbling 18% in a single day.
It is scheduled to report full quarterly results on Thursday.
Reporting by Isabel Demetz and Marleen Kaesebier in Gdansk; Additional reporting by Louis van Boxel-Woolf and Anneli Palmen; editing by Milla Nissi
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