VSM Versum Materials Inc

   By Donato Paolo Mancini 
 

Merck KGaA (MRK.XE) on Tuesday said it remained committed to pursuing its acquisition of Versum Materials Inc. (VSM) after receiving a formal rejection from Versum's board of directors last week, about a month after Entegris Inc. (ENTG) announced a planned merger with the company.

In an open letter to Versum shareholders, Merck said its offer of $48 a share for Versum--which would value the deal at more than $5.2 billion--was "unquestionably superior," and that the market had already expressed preference for it.

"We are fully committed to pursuing our proposal. The Versum board should consider the best interests of its shareholders and engage with us," the letter said, adding that Versum shareholders shouldn't support the Entegris acquisition in light of the proposed deal, urging them to lobby Versum's board.

Frankfurt-traded shares in Merck were flat in midday trading Tuesday. Versum shares closed at $48.22 Monday, higher than the proposed transaction price of $48 a share.

Write to Donato Paolo Mancini at donatopaolo.mancini@dowjones.com; @donatopmancini

(END) Dow Jones Newswires

March 05, 2019 07:04 ET (12:04 GMT)

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