(Reuters) - Electronic materials maker Versum Materials Inc on Friday formally rejected a $5.9 billion unsolicited cash offer from Merck KGaA, saying the German drugs and lab supplies maker’s bid is not superior to that of Entegris Inc.
“Versum is committed to completing the merger of equals transaction with Entegris, which the Versum Board believes will create significant long-term value,” the company said in statement.
Executives at Merck were not immediately available for comment.
Merck on Wednesday said it would pay $48 per Versum share in a hostile bid designed to scotch a separate $4 billion all-stock takeover from Entegris, which agreed to buy Versum in January.
Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel