Merck KgaA filed with the U.S. Securities and Exchange Commission (SEC) a preliminary proxy statement on Tuesday urging all Versum shareholders to vote against the merger with the rival Entegris.
Merck has reiterated in the statement that “it is convinced that the proposed Entegris transaction is not the best option available to the Versum shareholders, and that its proposal – $48 per share, all cash – is superior to the Entegris acquisition.”
It further stated that, the market reaction following the announcement of Merck’s proposal clearly indicates that its offer is considered superior by the investment community.
Merck noted in the preliminary proxy statement that a vote against the proposed Entegris transaction will send a clear message to Versum’s board that the transaction with Entegris for a lower premium than that reflected in Merck’s proposal is not the desired outcome.
Merck urges Versum Materials shareholders to support its bid