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Germany: Merck makes US$5.9B counterbid for Versum

 |  February 28, 2019

German drugs and lab supplies maker Merck offered US$5.9 billion, including debt, for Versum Materials, in a cash deal that tops an offer from US rival Entegris, reported the Financial Times.

The unexpected counter bid for Versum, which makes critical components used in semiconductors, would bolster Merck’s performance materials unit as chipmakers and their suppliers seek to capitalize on the wave of devices that will soon connect to the internet.

Merck announced it had offered to pay US$48 a share in cash for Versum, roughly 52% above Versum’s share price before its all-stock deal with Entegris was announced and 16% higher than its closing level on Tuesday. The US$5.9 billion deal value includes the assumption of Versum’s outstanding debt.

Full Content: Financial Times

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