Merck announced that its proposed transaction with Intermolecular, Inc. was approved by the stockholders of Intermolecular at a special meeting held on July 17, 2019. On May 6, 2019, Merck had signed a definitive agreement to acquire Intermolecular through a subsidiary for $1.20 per share in an all cash transaction, representing an equity value of approximately $62 million.
“We are very pleased with this positive development of Intermolecular’s stockholders approving our acquisition proposal. Uniting our existing strength in the materials business with Intermolecular’s unique processes and R&D capabilities will allow us to create game changing innovations in the electronics material space. Together, we expect to provide our customers with an enhanced combination of material and process know-how strengthening our service provider capabilities,” said Kai Beckmann, member of the Executive Board of Merck and CEO of Performance Materials.
The transaction is expected to close in the second half of 2019, subject to regulatory clearances and the satisfaction of other customary closing conditions.
Merck will acquire Intermolecular through its subsidiary EMD Group Holding II, Inc.