March 29, 2019 / 12:25 PM / 23 days ago

Versum urges shareholders to reject Merck KGaA hostile bid

March 29 (Reuters) - Versum Materials Inc on Friday urged its shareholders to reject a hostile bid from Merck KGaA , but said it would engage with the German pharma group to determine if the offer is superior to its agreed merger with rival Entegris.

Merck KGaA had on Tuesday launched a $5.9 billion all-cash takeover offer for Versum, the former speciality chemicals division of industrial gases group Air Products, to boost its presence in the semiconductor materials market and sideline a rival bidder.

Reporting by Tamara Mathias in Bengaluru; Editing by Arun Koyyur

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