Merck KGaA launches bid for Versum

In the face of continued resistance to its bid to acquire Versum Materials, the German firm Merck KGaA has formally commenced an offer to acquire Versum’s outstanding shares from stockholders for $48 per share. Versum announced plans to merge with Entegris in January; Merck stepped in with its counteroffer for the electronic materials maker the following month. Despite Merck’s claim that its deal is better for shareholders, Versum’s board is resisting it. The board says it will review Merck’s offer but that it hasn’t changed its recommendation to support the merger with Entegris.