Merck KGaA Bags Versum in $6.6 Billion All-Cash Deal

   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)

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