Versum Materials (NYSE:VSM) says Merck KGaA (OTCPK:MKGAF) has offered to acquire the company for $53/share, raised from its previous $48/share bid, and that its board determined that the bid is a superior proposal to its planned all-stock merger with Entegris (NASDAQ:ENTG).
VSM's board rejected Merck's hostile $5.9B all-cash takeover offer late last month but said it would hold talks for a potentially better deal with the German company.
VSM would be required to pay a $140M breakup fee to ENTG if it backs out of the deal.
Update: ENTG says it does not intend to revise the terms of its proposal to acquire VSM.
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