Intermolecular (IMI) to be acquired by Merck KGaA for $1.20/share

Intermolecular, Inc. (NASDAQ: IMI) has signed a definitive agreement pursuant to which a wholly owned subsidiary of Merck KGaA, Darmstadt, Germany, a leading science and technology company, will acquire Intermolecular for $1.20 per share in an all cash transaction, representing an equity value of Intermolecular of approximately $62 million. The acquisition has been unanimously approved by Intermolecular’s Board of Directors and the Executive Board of Merck KGaA, Darmstadt, Germany.

“We are pleased to become an integral part of Merck KGaA, Darmstadt, Germany’s leading electronic materials business and look forward to all of the new and exciting opportunities we see for our customers and employees. We believe our technology expertise is very complementary and creates a unique offering that will continue to shape the innovations of tomorrow,” said Chris Kramer, President and Chief Executive Officer of Intermolecular.

“Intermolecular’s unique capabilities in rapid material screening, in combination with the R&D pipeline of Merck KGaA, Darmstadt, Germany, will allow us to offer our customers faster materials innovation, through parallel composition experiment and full performance testing and characterization,” said Kai Beckmann, member of the Merck KGaA, Darmstadt, Germany, Executive Board and CEO of Performance Materials. “We are excited to join forces with Intermolecular and bring significant advantages to our customers compared to conventional materials R&D.”

The transaction is expected to close in the second half of 2019, subject to the approval of Intermolecular’s stockholders, clearance by the Committee on Foreign Investment in the United States (CFIUS) and the satisfaction of other customary closing conditions.

Merck KGaA, Darmstadt, Germany, will acquire Intermolecular through its wholly owned subsidiary EMD Group Holding II, Inc.

As a result of this transaction, Intermolecular will not be holding its previously scheduled conference call on May 14, 2019.

Cowen served as exclusive financial advisor to Intermolecular and Latham & Watkins LLP served as Intermolecular’s legal advisor. Nixon Peabody LLP served as Merck KGaA, Darmstadt, Germany’s legal advisor.

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