Versum said its board, in consultation with legal and financial advisors, has unanimously concluded that the new Merck proposal is superor to a previously announced merger with Entegris, Inc. (NASDAQ: ENTG).
Entegris said Monday that it does not intend to propose revised terms for a merger of equals with Versum.
Entegris has the right to do this through April 11, according to Versum.
Why It's Important
Under the terms of Merck's revised proposal, the German pharma company would acquire all of
the outstanding shares of common stock of Versum for $53 per share in
If Versum terminates the agreement with Entegris in order to be acquired by Merck, Versum said it must pay Entegris a $140-million termination fee.
Versum shares were up 0.99 percent at $51.78 at the close Monday, while Entegris was up 2.06 percent at $38.66.
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