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Merck KGaA reaches agreement on recommended cash offer for AZ Electronic Materials SA


Thursday, 5 Dec 2013 02:00am EST 

Merck KGaA:Says it reached an agreement with the Board of Directors of AZ Electronic Materials SA (AZ) regarding a recommended cash offer for the entire share capital of AZ.Says according to the terms of the agreement, Merck is offering 403.5 pences per share of AZ in cash, valuing AZ at around 1.6 billion punds (around 1.9 billion euros).Says offer represents a premium of around 41 percent over the 3-month volume-weighted average share price of AZ.Says the Board of Directors of AZ intends to recommend that the company's shareholders accept the offer and the directors have irrevocably undertaken to tender their own shares (representing approximately 0.7 percent of the issued share capital of AZ).Says acquisition will be 100 percent financed by existing cash resources.Says successful completion of the transaction is among others conditional upon antitrust clearance as well as a minimum acceptance level of 95% of the share capital. 

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