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March 23, 2021, 8:20 a.m. EDT

Coherent stock gains after Lumentum counters II-VI's latest bid with a higher buyout proposal

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By Tomi Kilgore

Shares of Coherent Inc. /zigman2/quotes/210489432/composite COHR -0.49% rose 0.8% in premarket trading Tuesday, after the laser technology company after Lumentum Holdings Inc. /zigman2/quotes/204419752/composite LITE +0.99% proposed a higher buyout bid, which would top the latest unsolicited bid from II-VI Inc. /zigman2/quotes/202572630/composite IIVI +1.11% , which Coherent deemed was "superior" to the previously agreed upon bid from Lumentum. Shares of Lumentum dropped 1.9% ahead of the open, while II-VI stock inched up 0.1%. Under terms of the revised bid, Coherent shareholders will get $230 in cash and 0.6724 Lumentum shares for each Coherent share they own. Based on Monday's closing prices, the bid terms values Coherent shares at $287.50 each. That implies a $7.03 billion market capitalization for Coherent. The latest bid from II-VI valued Coherent stock at $286.785 each, and implied a market cap of $7.01 billion. Coherent said it will review Lumentum's new bid in comparison with II-VI's bid. Coherent's stock has soared 72.3% year to date through Monday, while Lumentum shares have shed 9.8% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.08% has gained 4.9%.

/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/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/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/210599714/realtime
US : S&P US
4,662.85
+3.82 +0.08%
Volume: 2.52B
Jan. 14, 2022 5:16p
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