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March 25, 2021, 5:33 a.m. EDT

Coherent agrees to cash-and-stock deal from II-IV

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By Barbara Kollmeyer

Laser technology company Coherent /zigman2/quotes/210489432/composite COHR -0.49% said Thursday that it has agreed to a cash-and-stock buyout deal from engineered materials and optoelectronic components maker II-VI /zigman2/quotes/202572630/composite IIVI +1.11% . The agreement comes even after Lumentum Holdings Inc. /zigman2/quotes/204419752/composite LITE +0.99% had countered earlier this week with a slightly higher bid. Under terms of the deal II-VI, each share of Coherent common stock will be exchanged for $220 in cash and 0.91 of a share of II-VI stock at the deal's completion, expected in the fourth quarter of 2021. In doing so, Coherent said it will terminate a March 9, 2021 agreement with Lumentum /zigman2/quotes/204419752/composite LITE +0.99% , paying the maker of optical and photonic products a $217.6 million fee. Lumentum was offering $230 in cash and 0.6724 Lumentum shares for each Coherent share. Coherent's board of directors said it determined that the II-VI bid continues to be a "company superior proposal." The deal will be subject to regulatory approval and agreement by both companies' shareholders.

/zigman2/quotes/210489432/composite
US : U.S.: Nasdaq
$ 259.65
-1.29 -0.49%
Volume: 296,094
Jan. 14, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$6.43 billion
Rev. per Employee
$292,521
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/zigman2/quotes/202572630/composite
US : U.S.: Nasdaq
$ 71.05
+0.78 +1.11%
Volume: 924,617
Jan. 14, 2022 4:00p
P/E Ratio
28.62
Dividend Yield
N/A
Market Cap
$7.54 billion
Rev. per Employee
$137,953
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/zigman2/quotes/204419752/composite
US : U.S.: Nasdaq
$ 106.36
+1.04 +0.99%
Volume: 773,897
Jan. 14, 2022 4:00p
P/E Ratio
20.19
Dividend Yield
N/A
Market Cap
$7.69 billion
Rev. per Employee
$309,505
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/zigman2/quotes/204419752/composite
US : U.S.: Nasdaq
$ 106.36
+1.04 +0.99%
Volume: 773,897
Jan. 14, 2022 4:00p
P/E Ratio
20.19
Dividend Yield
N/A
Market Cap
$7.69 billion
Rev. per Employee
$309,505
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