Coherent says II-VI merger proposal is superior to Lumentum's

Coherent's board of directors notified Lumentum that it has received from a superior acquisition proposal from II-VI Incorporated. 

Under the terms of II-VI's revised proposal, each share of Coherent common stock would be exchanged for $170.00 in cash and 1.0981 shares of II-VI common stock at the completion of the transaction. 

Coherent has notifed Lumentum that it intends to terminate their merger agreement unless Coherent receives a revised proposal from Lumentum by 11:59 p.m. Pacific Time on March 11, 2021 that the Coherent board determines to be at least as favorable to Coherent's stockholders from a financial point of view as II-VI's revised proposal, after taking into account all aspects of any such proposal Coherent may receive from Lumentum.

Lumentum has notified Coherent of its intention to review the II-VI proposal under consideration of its matching rights as defined in the definitive merger agreement. 

Under the terms of the definitive merger agreement, Coherent would be required to pay a $217.6 million termination fee to Lumentum if Coherent terminates the definitive agreement in order to enter into an agreement with II-VI.

II-VI outbids Lumentum in competition to acquire Coherent

Monday, February 15, 2021    

 II-VI made an offer to acquire Coherent, a global laser technology leader, in a cash and stock transaction priced at $260.00 per Coherent share (Coherent’s shareholders would receive $130.00 in cash and 1.3055 II-VI common shares for each Coherent share), based on the company closing stock price on February 11th.II-VI’s proposal represents a premium of 24.0% to the implied value of Coherent’s merger agreement with Lumentum, based on Lumentum’s...

READ MORE

Lumentum to acquire Coherent for its photonics and laser expertise

Tuesday, January 19, 2021  Lumentum, Mergers And Acquisitions  

 Lumentum agreed to acquire Coherent in a cash and stock transaction valued at $5.7 billion, with Coherent stockholders receiving $100.00 per share in cash and 1.1851 shares of Lumentum common stock for each Coherent share they own. The combination will create a leading photonics company with significant positions in the growing market for photonics, an expansive global customer base and a well-diversified revenue mix. The transaction value...

READ MORE