Merck KGaA (MKGAY) has proposed to the board of directors of Versum Materials (VSM) that Merck should acquire all of the issued and outstanding common shares of Versum for $48 per share or an enterprise value of $5.9B in an all-cash transaction.
This offer represents a substantial premium to the last undisturbed share price before the Versum/Entegris (ENTG) merger announcement of 51.7% and a 15.9% premium to Versum's closing price on February 26, 2019.
Merck's Executive Board unanimously approved the proposal and is fully committed to pursuing the transaction. Merck is prepared to proceed immediately to due diligence and negotiations and to quickly agree to a merger agreement. The completion of the offer will be subject to customary closing conditions, including the receipt of necessary regulatory clearances. A Merck shareholder vote is not required.
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