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4/12, 3:13 PM (Source: TeleTrader)
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Merck signs deal to buy Versum for $53 per share

German pharmaceutical giant Merck KGaA announced on Friday it signed a definitive agreement to buy Arizona-based semiconductor maker Versum Materials, Inc. for $53 per share in cash.

The acquisition has been approved by the boards of both companies and is now subject to the approval of Versum stockholders and regulators. The transaction is expected to close in the second half of 2019. "With this transaction, Merck will be optimally positioned to capitalize on long-term growth trends in the electronic materials industry. Our combined business shall deliver leading-edge innovations to our customers around the globe," Merck CEO Stefan Oschmann stated.

Earlier, Versum had accepted a $4 billion bid from Entegris and rejected Merck's initial bid of $48 per share. On Monday, the American semiconductor company said it received an improved bid from Merck and said it concluded the offer was "superior" to Entegris' bid.

Breaking the News / NP