Silgan Holdings (SLGN) shares tumbled 5.24% during Wednesday's intraday trading session, as investors reacted to a mixed second-quarter earnings report that showed a year-over-year decline in profitability, coupled with news that the company's takeover bid for German packaging firm Gerresheimer had been rejected.

The company reported Q2 adjusted earnings of $0.98 per diluted share, down from $1.01 a year earlier, even as revenue climbed 6.8% to $1.64 billion. While both figures narrowly beat analyst estimates of $0.96 per share and $1.62 billion in revenue, the decline in earnings appeared to weigh on sentiment. Net income fell 14.83% to $75.8 million, and corporate expenses rose to $15.4 million due to corporate development activities.

Adding pressure to the stock, a separate report confirmed that Gerresheimer had rejected Silgan's takeover bid in April and instead opted to sell two plastic packaging units to private equity group Apax Funds for €1.5 billion. The failed acquisition removes a potential growth catalyst for Silgan, leaving investors to focus on the company's organic outlook, which includes full-year adjusted EPS guidance of $3.73 to $3.93 and a Q3 forecast of $1.21 to $1.31 per share.