Feb 28 (Reuters) - Versum Materials said on Thursday it had adopted a shareholder rights plan, popularly known as a ‘poison pill’, a day after the U.S. electronic materials maker received a new buyout offer from Merck KGaA.
The $5.9 billion buyout offer from the German drugs and lab supplies provider on Wednesday topped a $4 billion all-stock proposal from U.S. rival Entegris Inc, announced in January, as both companies seek to boost their electrochemicals operations.
Versum said the rights would become exercisable if a person or group becomes the owner of 12.5 percent or more of the company’s outstanding common shares. The plan expires on Aug. 30, 2019.
Lazard served as financial adviser to Versum and Simpson Thacher, while Bartlett LLP was the legal counsel. (Reporting by Ankit Ajmera in Bengaluru; Editing by James Emmanuel)