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
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…
Lumentum to acquire Coherent for its photonics and laser expertise
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…
