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Versum Adopts Shareholder Rights Plan After Merck Proposal

Feb. 28, 2019, 2:55 PM

Versum Materials Inc. said its board has adopted a shareholder rights plan after a proposal by German conglomerate Merck KGaA to buy the U.S. semiconductor supplier for $5.9 billion.

The plan, known as a “poison pill” and that’s aimed at blocking a takeover, would go into effect if “a person or group” owned more than 12.5% of the company’s outstanding stock, Versum said in a statement Feb. 28.

The plan doesn’t prevent “any action that the board determines to be in the best interest” of the company and its shareholders, and is structured such that it will not be triggered...

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