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[$$] Versum Materials Rejects Merck's Bid

Versum said its board consulted with its independent financial and legal advisers and concluded that Merck’s $48-a-share bid isn’t a superior proposal. Merck on Wednesday proposed to buy Versum for about $5.2 billion in cash, offering a 16% premium to Tuesday’s closing price and a nearly 52% premium to Versum’s price before the Entegris deal was announced.