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3/1, 4:59 PM (Source: TeleTrader)
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Versum rejects Merck takeover offer

Versum Materials Inc. rejected Merck Group's unsolicited takeover proposal after a "careful review and consideration, conducted in consultation with its independent financial and legal advisors," the company's board of directors announced on Friday.

Merck previously made an offer to acquire Versum for $5.9 billion, exceeding the $4 billion bid made by Entegris Inc. earlier in January.

"Versum is committed to completing the merger of equals transaction with Entegris, which the Versum Board believes will create significant long-term value, and is in the best interest of Versum’s shareholders," the company stated.

Breaking the News / MD