VSM Versum Materials Inc

By Micah Maidenberg 

German pharmaceutical and chemical company Merck KGaA says it wants to buy Versum Materials Inc. for more than $5 billion, potentially scuttling a pending merger Versum has with another company.

Merck said it has proposed acquiring Versum for $48 a share in cash, making the equity value of the deal about $5.24 billion.

Shares of Versum, a Tempe, Ariz.-based company that provides materials used in manufacturing semiconductors and to make other electronics, closed Tuesday at $41.40 a share, meaning Merck's offer represents a 16% premium. A spokesman for Merck didn't immediately respond to a call.

Last month, Versum announced its own merger deal, saying it plans to combine with Entegris Inc. That deal would result in Versum shareholders owning a 47.5% stake in the combined company.

A spokeswoman for Versum didn't immediately respond to a request for comment.

Versum said in a recent securities filing it would be required to pay $140 million if its merger with Entegris isn't completed.

Shares of Entegris dropped 4.3% in premarket trading. The company develops and supplies specialty materials for the electronics industry and is based outside of Boston.

A representative for Entegris couldn't immediately be reached.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

February 27, 2019 09:05 ET (14:05 GMT)

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