On March 29, 2019, Versum Materials, Inc. announced that its board of directors, after careful consideration and consultation with its financial and legal advisors, unanimously determined to reject the unsolicited tender offer from Merck KGaA to acquire all outstanding shares of Versum for $48 per share in cash. The Versum Board determined that the Offer is not in the best interests of Versum or its stockholders. Accordingly, the Versum Board recommends that Versum stockholders reject the Offer and not tender their shares into the Offer.