Bulletin
Investor Alert

New York Markets Open in:

Market Pulse Archives

March 12, 2021, 6:46 a.m. EST

Coherent receives a 'superior' buyout bid from II-VI, Lumentum has till March 17 to counter

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Coherent Inc. (COHR)
  • X
    Lumentum Holdings Inc. (LITE)
  • X
    II-VI Inc. (IIVI)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

Shares of Coherent Inc. /zigman2/quotes/210489432/composite COHR -0.49% rose 1.5% in premarket trading Friday, after the laser technology company said it informed Lumentum Holdings Inc. /zigman2/quotes/204419752/composite LITE +2.46% that a revised unsolicited buyout bid from II-VI Inc. /zigman2/quotes/202572630/composite IIVI -1.01% it received Thursday was "superior" to the recently increased and agreed on bid from Lumentum. Coherent said II-VI's bid was $195 in cash and 1.0 II-VI shares for each Coherent share Based on Thursday's closing prices, that represents a $271.51 price for Coherent shares, a 9.4% premium, that values Coherent at about $6.64 billion. Terms of Lumentum's increased cash and stock bid, as of March 10 when the deal agreement was announced, as $261.62 a share; that increases to $262.60 at Thursday's closing prices. Under terms of the agreement, Coherent said Lumentum has until 11:59 p.m. Pacific on March 17 to present a revised bid. Coherent would be required to pay $217.6 million if it decides to terminate the Lumentum deal. Shares of Lumentum slipped 0.1% ahead of the open and II-VI's stock dropped 2.8%, while futures /zigman2/quotes/209948968/delayed ES00 -0.88% for the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.15% declined 0.5%.

/zigman2/quotes/210489432/composite
US : U.S.: Nasdaq
$ 249.32
-1.23 -0.49%
Volume: 159,978
Jan. 26, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$6.20 billion
Rev. per Employee
$292,521
loading...
/zigman2/quotes/204419752/composite
US : U.S.: Nasdaq
$ 97.83
+2.35 +2.46%
Volume: 883,821
Jan. 26, 2022 4:00p
P/E Ratio
18.57
Dividend Yield
N/A
Market Cap
$6.90 billion
Rev. per Employee
$309,505
loading...
/zigman2/quotes/202572630/composite
US : U.S.: Nasdaq
$ 60.85
-0.62 -1.01%
Volume: 1.44M
Jan. 26, 2022 4:00p
P/E Ratio
24.51
Dividend Yield
N/A
Market Cap
$6.52 billion
Rev. per Employee
$137,953
loading...
/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 4,303.25
-38.25 -0.88%
Volume: 236,230
Jan. 27, 2022 2:02a
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,349.93
-6.52 -0.15%
Volume: 3.23B
Jan. 26, 2022 5:12p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.