Skip to main content

Market Overview

Coherent Shares Are Trading Higher Following II-VI's Revised Acquisition Proposal

Share:

Industrial and fiber laser solutions provider Coherent Inc (NASDAQ: COHRconfirmed receipt of a revised acquisition proposal from II-VI Inc (NASDAQ: IIVI).

  • Each share of Coherent would be exchanged for $220 in cash and 0.91 of a share of II-VI under the new proposal beating Lumentum’s March 17 revised proposal of $220 in cash and 0.61 of a share of Lumentum.
  • Coherent board certified the superiority of II-VI’s revised proposal over Coherent’s March 9, 2021 merger agreement with Lumentum Holdings Inc (NASDAQ: LITE) for $175 in cash and 1.0109 shares of Lumentum in exchange for each share of Coherent, post consultation with its financial and legal advisors.
  • Coherent notified Lumentum regarding the possible termination of their merger agreement in the absence of a revised acquisition proposal from Lumentum by Monday.
  • Coherent’s previous offers include II-VI’s 130 in cash and 1.3055 II-VI shares for each Coherent share, and MKS Instruments, Inc’s (NASDAQ: MKSI) $115 in cash and 0.7473 shares of MKS for each Coherent share.
  • Bank of America and Credit Suisse are the financial advisors to Coherent with Skadden, Arps, Slate, Meagher & Flom LLP as legal advisors.
  • Price action: COHR shares traded higher by 3.19% at $265 in the premarket session on the last check Thursday.
 

Related Articles (COHR + IIVI)

View Comments and Join the Discussion!

Posted-In: M&A News Tech Media

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com