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March 18, 2021, 6:12 a.m. EDT

Coherent's stock rallies after it receives yet another 'superior' buyout bid from II-VI

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By Tomi Kilgore

Shares of Coherent Inc. /zigman2/quotes/210489432/composite COHR -0.49% rallied 5.1% in premarket trading Thursday, after the laser technology company received yet another higher buyout bid from II-VI Inc. /zigman2/quotes/202572630/composite IIVI -1.01% , which Coherent determined is "superior" to the agreed upon bid from Lumentum Holdings Inc. /zigman2/quotes/204419752/composite LITE +2.46% . Under terms of the new II-VI bid, Coherent shareholders would receive $220 in cash and 0.91 II-VI shares for each Coherent share they own. Based on Wednesday's stock closing prices, the deal values Coherent shares at $286.785, valuing Coherent at $7.01 billion. On Wednesday, Lumentum had increased its bid to the equivalent of $275 a share in a deal valued at $6.9 billion. II-VI has come back with no less than four revised bids to top Lumentum bids. The original deal between Lumentum and Coherent announced in January was valued at $5.7 billion. Lumentum has until 11:59 p.m. Pacific on March 22 to respond, or the agreed on deal will be terminated. Lumentum noted that the deal with Coherent includes a $217.6 million termination fee. Lumentum shares shed 6.1% ahead of the open and II-VI's stock declined 1.6%, while futures /zigman2/quotes/209948968/delayed ES00 -0.67% for the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.15% slipped 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
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/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
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/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
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/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 4,312.25
-29.25 -0.67%
Volume: 250,133
Jan. 27, 2022 2:16a
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/zigman2/quotes/210599714/realtime
US : S&P US
4,349.93
-6.52 -0.15%
Volume: 3.23B
Jan. 26, 2022 5:12p
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