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Versum, Entegris tout extra merger benefits

  • Versum Materials (VSM +0.1%) and Entegris (ENTG +0.4%) raise expectations for the benefits of their planned merger to $125M in cost benefits, or $50M more in annual EBITDA than originally identified.
  • “We are confident the combined company will meet or exceed the newly stated cost synergy goals as well as realize the other benefits of this merger,” VSM Chairman Seifi Ghasemi and ENTG CEO say in a letter to shareholders
  • Meanwhile, rival bidder Merck KGaA (OTCPK:MKKGY) says it hired Goldman Sachs as an additional adviser alongside Guggenheim and Sullivan Cromwell.
  • Merck this week called on VSM shareholders to pressure management to consider its $5.9B cash bid, including debt, which VSM has spurned in favor of an all-share merger with ENTG.

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