LONDON (dpa-AFX) - German drugmaker Merck KGaA (MKGAY.PK) said that it has extended offer for AZ Electronic Materials S.A. (AZEM.L), a supplier of specialty chemical materials, until May 2nd. Previously, the offer was set to expire on 18 April.
In December 2013, Merck KGaA said it offered to acquire AZ Electronic Materials for 403.5 pence per share, valuing the company at around 1.6 billion pounds or $2.62 billion.
The company today said that as of on 18 April, its subsidiary Merck 15. Allgemeine Beteiligungs-GmbH or Bidco had received valid acceptances of the Offer in respect of 257.24 million AZ Shares, representing approximately 67.53 per cent of the existing issued share capital of AZ, which Bidco may count towards the satisfaction of the Acceptance Condition to the Offer.
Merck announced on 14 February 2014 that all Conditions relating to antitrust clearance had been satisfied, with the exception of the condition relating to clearance from the Ministry of Commerce of the People's Republic of China or MOFCOM pursuant to the Anti-Monopoly Law of the People's Republic of China.
Discussions with MOFCOM are continuing, and Merck said it is focusing its efforts so as to obtain Chinese antitrust clearance as quickly as possible. Since the date of the last announcement, MOFCOM has raised certain specific concerns, which Merck is working with MOFCOM to address. Merck said it is confident that there will be a satisfactory explanation or solution to these concerns.
Copyright RTT News/dpa-AFX