Entegris Inc. (ENTG) said Wednesday it agreed to buy CMC Materials Inc. (CCMP) for about $6.5 billion in cash and stock. CMC Materials shareholders will receive $133 in cash and 0.4506 shares of Entegris common stock for each share of CMC Materials common stock they own. The price amounts to a 35% premium over CMC's closing price on Dec. 14, 2021, and a 38% premium to the 10-day volume weighted average share price. Entegris shareholders will own about 91% of the combined company and CMC Materials shareholders will own about 9% of the company. Entegris shares are down 2.6% in premarket trades. CMC Materials stock has fallen 3.5% in 2021 while Entegris shares are up 49% in 2021.
(END) Dow Jones Newswires
12-15-21 0714ETCopyright (c) 2021 Dow Jones & Company, Inc.