March 5, 2019 / 11:45 AM / 6 months ago

Merck KGaA urges Versum shareholders to pipe up for rival bid

FRANKFURT, March 5 (Reuters) - Germany’s Merck KGaA called on Versum Materials Inc’s shareholders to put pressure on the electronic materials maker’s management to consider its jilted takeover offer.

Versum on Friday rejected the $5.9 billion unsolicited cash offer that Merck had made to its management. Versum said it was committed to an agreed merger with U.S. rival Entegris.

“We urge you to let the Versum Board know that Versum shareholders will not support the Entegris acquisition in light of our Proposal, which is unquestionably superior,” Merck said in a statement addressed at Versum investors.

“Our offer to engage directly with Versum to understand the rationale for the Versum Board’s determination has not been accepted,” it added. (Reporting by Ludwig Burger, Editing by Tassilo Hummel)

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