Germany's Merck KGaA on Tuesday called on shareholders of Versum Materials ...
FRANKFURT - Germany’s Merck KGaA on Tuesday called on shareholders of Versum Materials to put pressure on the electronic materials maker’s management to consider its jilted takeover proposal over a rival offer.
“Our offer to engage directly with Versum to understand the rationale for the Versum Board’s determination has not been accepted,” it added.Entegris offered in January to acquire Versum in an agreed all-stock deal which valued Versum’s equity at about $4 billion at the time. The pairing would create a sizeable chemical supplier to the semiconductor market at a time when the industry is under pressure.
“There’s an existing template how both Versum and Entegris must act. For Merck, there are no rules unless they put a fully financed tender offer down on the table,” the U.S.-based investor said.
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