Merck KGaA: Versum Materials accepts higher offer
(CercleFinance.com) - Germany's Merck KGaA has made a higher offer for Versum Materials, which the US specialty materials company - which makes metal film precursors for the semiconductor industry - accepted.
Under the revised proposal from Merck, the drugs/chemical giant would acquire all of Versum's outstanding shares for 53 dollars each in cash, up from the previous bid of 48 dollars per share that was made in February.
Versum said it now intends to terminate the Entegris merger agreement, meaning it will have to pay a 140 million dollar termination fee, to enter into a definitive merger agreement with Merck.
Versum shares are currently up 1.1% at 51.8 dollars in New York, while Merck is up 0.1% in Frankfurt.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Under the revised proposal from Merck, the drugs/chemical giant would acquire all of Versum's outstanding shares for 53 dollars each in cash, up from the previous bid of 48 dollars per share that was made in February.
Versum said it now intends to terminate the Entegris merger agreement, meaning it will have to pay a 140 million dollar termination fee, to enter into a definitive merger agreement with Merck.
Versum shares are currently up 1.1% at 51.8 dollars in New York, while Merck is up 0.1% in Frankfurt.
Copyright (c) 2019 CercleFinance.com. All rights reserved.