Merck KGaA Bags Versum in $6.6 Billion All-Cash Deal
12 Aprile 2019 - 3:00PM
Dow Jones News
By Donato Paolo Mancini
Merck KGaA (MRK.XE) said Friday that it has signed a definitive
agreement to acquire Versum Materials Inc. (VSM) for $53 a share in
cash, scuttling a deal previously announced by Entegris Inc. (ENTG)
after a monthslong tussle.
The deal puts Versum's enterprise value at 5.8 billion euros
($6.54 billion), Merck said.
The price for Versum first announced by Germany's Merck was $48
a share.
Merck initiated a hostile takeover after Versum initially said
it wasn't interested in the deal. Shares in Versum consistently
traded above the $48 threshold, signaling that markets were
expecting more developments in the race for completion of the
deal.
Versum's board of directors has now unanimously approved the
transaction, Merck said.
Frankfurt-traded shares in Merck shed 2% in early afternoon
trading.
The deal is expected to close in the second half of 2019,
subject to customary closing conditions.
Write to Donato Paolo Mancini at
donatopaolo.mancini@dowjones.com; @donatopmancini
(END) Dow Jones Newswires
April 12, 2019 08:45 ET (12:45 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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