3/5/2019, 1:22 PM (Source: TeleTrader)
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German Merck sticks with its bid for Versum

After rejection by the board of Versum Materials Inc., Merck KGaA‌ told shareholders of the Tempe, Arizona–based maker of electronic and optical materials that it would still pursue its attempt to acquire it. In a letter revealed on Tuesday, the pharmaceutical and chemical producer noted that its approach was directly turned down and claimed the premium is "effective and immediate."

Versum has opted for a merger with Entegris Inc.. It would value the supplier for the semiconductor industry at almost $4 billion, compared to an all-cash offer by Merck Group of $48 per share, equivalent to $5.2 billion. The challenger added its proposal is "unquestionably superior."

Merck, which has headquarters in Darmstadt, Germany, trades in Frankfurt and is not affiliated with Merck and Co. Inc. from New Jersey. It traded 0.13% down at 1:07 pm CET, selling for €93.06 per share. Versum closed flat yesterday, at $48.22 per share. The price, above the German company's offer, indicates expectations of more bidding.

Breaking the News / IT