REUTERS: Merck KGaA won the support of Versum Materials Inc's board with a sweetened US$6.5 billion takeover proposal, topping an agreed merger with rival Entegris.
"This proposal constitutes a 'Superior Proposal' as defined in Versum's previously announced merger agreement with Entegris, Inc.," Versum said in a statement on Monday.On a per share basis, Merck offered US$53, up from US$48 previously, after reviewing business data and following meetings between Merck Chief Executive Stefan Oschmann and Versum Chairman Seifi Ghasemi, filings showed.
Versum, the former specialty chemicals division of industrial gases group Air Products, had previously opposed Merck's overture, saying it was committed to an all-share merger with Entegris, agreed in January.Merck last month launched a hostile all-cash takeover offer to Versum shareholders - with a price tag of US$5.9 billion including debt - as the German pharma group looks to boost its presence in the semiconductor materials market.
Based on about US$700 million in assumed Versum debt and about 109 million shares, the increased Merck offer would be worth close to US$6.5 billion.
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