ATC - Atotech/MKS Instruments spread narrows on report of progress in China review

• The deal spread in MKS Instrument's ( NASDAQ: MKSI ) planned acquisition of Atotech ( NYSE: ATC ) narrowed on a report about progress in China's antitrust review of the deal.
• The parties appear to have agreements with third parties in China and there appears to be a path to China approval before deadlines expire, according to traders, who cited a report that's being circulated.
• The updates comes after a report in late May that said the companies were said to be in settlement talks with third parties in China.
• In early April the companies agreed to extend the walk date for the transaction to Sept. 30 day to allow additional time for the regulatory approval by China's State Administration for Market Regulation.
• MKSI Instruments ( MKSI ) CEO John Lee said in late April on the company's Q1 earnings call that the company continues to work with SAMR to obtain clearance.
• Potential China antitrust approval for the ATC/MKSI deal comes after China late last month approved II-VI's purchase of Coherent.

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