Merck KGaA Again Extends Deadline for AZ Electronics Takeover

Despite the recommendations of the company's board that they accept Merck KGaA's 403.5 pence per share offer, shareholders of British electronic chemicals specialist AZ Electronic Materials apparently are not buying it - at least not at the proposed price.

The Darmstadt, Germany-based pharmaceuticals and chemicals producer on Feb. 6 once again extended its offer - this time until Feb. 18 - after only 65.48% of AZ'S share capital had tendered. It did not sweeten the deal, however. Merck is targeting an acceptance rate of at least 95%.

In addition to the U.S. antitrust clearance announced on Jan. 23, Merck said the German Federal Cartel Office has now granted early clearance for the takeover, and that the Taiwan Fair Trade Commission had approved the deal early, with effect from January 24, 2014.

All other antitrust filings have been initiated and are proceeding "in the normal course," including in China where Phase 1 of the review by the ministry of commerce is to decide by Feb. 28, Merck said.