German pharma group Merck launched a hostile US$5.9 billion all-cash takeover offer for Versum Materials on Tuesday, March 26, to boost its presence in the semiconductor materials market and sideline a rival bidder, reported Reuters.
Versum, the former specialty chemicals division of industrial gases group Air Products, has been opposed to Merck’s unsolicited cash offer since it was first proposed last month, saying it was committed to an all-share merger with US rival Entegris agreed in January.
“The Versum board’s hasty rejection of our proposal and unwillingness to engage in discussions with us has forced us to take this proposal directly to shareholders,” family-controlled Merck wrote said in a letter to Versum shareholders.
Full Content: Reuters
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