Versum Rejects Offer From Merck; To Engage In Discussions With Merck

(RTTNews) - Versum Materials, Inc. (VSM) announced that its board unanimously determined to reject the unsolicited tender offer from Merck KGaA. The Versum Board determined that the offer is not in the best interests of Versum or its stockholders. The Versum Board recommended that the company's stockholders not tender their shares into the offer.

Versum also announced that a meeting occurred between representatives of Versum and Merck. After consideration of such meeting, the Versum Board has determined that Merck's proposal could reasonably be expected to result in a superior proposal under Versum's merger agreement with Entegris. The Versum Board has authorized Versum's management and its advisers to engage in further discussions with, and provide non-public information to, Merck.

Versum noted that its Board has not changed the recommendation in support of the pending all-stock merger of equals with Entegris.