VSM Versum Materials Inc

   By Colin Kellaher 
 

Versum Materials Inc. (VSM) on Friday said its board rejected Merck KGaA's (MRK.XE) unsolicited $48-a-share takeover proposal and said it plans to stick with its all-stock merger with Entegris Inc. (ENTG).

Versum said its board consulted with its independent financial and legal advisers and concluded that the Merck bid wasn't a superior proposal.

Germany's Merck on Wednesday proposed to buy Versum for about $5.26 billion in cash, offering a 16% premium to Tuesday's closing price and a nearly 52% premium to Versum's price before the Entegris deal was announced.

Versum shares were changing hands at $48.92, above Merck's bid, before trading was halted Friday morning.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

March 01, 2019 10:50 ET (15:50 GMT)

Grafico Azioni Versum Materials (NYSE:VSM)
Storico
Da Giu 2024 a Lug 2024

Grafico Azioni Versum Materials (NYSE:VSM)
Storico
Da Lug 2023 a Lug 2024