VSM Versum Materials Inc

   By Micah Maidenberg 
 

Chemicals and materials company Entegris Inc. (ENTG) defended its proposed merger with Versum Materials Inc. (VSM).

Earlier on Wednesday, German pharmaceutical and chemical company Merck KGaA (MRK.XE) offered to buy Versum for $48 a share in cash, giving the proposed deal an equity value of about $5.2 billion. Versum said it would review the offer.

Entegris Chief Executive Bertrand Loy said Wednesday afternoon the planned merger with Versum would provide value to shareholders by bringing together two complementary companies.

"The all-stock merger of equals of Entegris and Versum Materials will create a premier specialty materials company for the semiconductor and other high-tech industries and will be able to deliver meaningful value to Versum Materials and Entegris stockholders," Mr. Loy said in prepared remarks.

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

(END) Dow Jones Newswires

February 27, 2019 15:09 ET (20:09 GMT)

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