Germany’s Merck Extends AZ Offer a Fifth Time

Germany's Merck KGaA extended the timeline for acceptance of its cash offer for AZ Electronic Materials for the fifth time. The latest extension is due to expire on Apr. 18.

Under certain conditions, the chemicals and pharmaceuticals producer said it is prepared to lower the acceptance threshold, previously set at 95%.

Merck said it continues to have "constructive dialog" with the ministry of commerce of the People's Republic of China and expects to obtain antitrust clearance by Apr. 18. It does not expect to have to extend the deadline again.

Under the current plans, the latest date by which the offer can be declared unconditional as to acceptances will be 14 days after the granting of Chinese antitrust clearance.

If Chinese conditions are cleared, Merck said it will lower the acceptance threshold from 95% to 75%.

As of Mar. 14, Merck said it had received valid acceptances of 64.2% of AZ's shares. On the last day of February, it held 64%.