Bulletin
Investor Alert

New York Markets Open in:

Market Pulse Archives

March 8, 2021, 7:02 a.m. EST

Lumentum has 4 days to match II-VI's rival buyout bid for Coherent

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

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

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

Lumentum Holdings Inc. /zigman2/quotes/204419752/composite LITE -0.59% said Monday it received notice from laser technology company Coherent Inc. /zigman2/quotes/210489432/composite COHR +1.26% , which Lumentum has entered into an agreement to acquire, that the unsolicited buyout bid it received from II-VI Inc. /zigman2/quotes/202572630/composite IIVI -2.43% was "superior." Lumentum said it will review the II-VI bid, and will have four days to match the rival bid. if the Lumentum-Coherent merger agreement is terminated, Coherent will be required to pay a $217.6 million termination fee. On Feb. 12, II-VI made a $260-per-share cash-and-stock bid to buy Coherent, valuing the company at the time at $6.36 billion, while the cash-and-stock merger agreement with Lumentum announced on Jan. 19 was valued at $5.7 billion. Lumentum's stock gained 0.1% in premarket trading while Coherent's stock rallied 4.4% and II-VI share shed 2.8%. Meanwhile, futures /zigman2/quotes/209948968/delayed ES00 -0.46% for the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.54% fell 0.5%.

/zigman2/quotes/204419752/composite
US : U.S.: Nasdaq
$ 97.25
-0.58 -0.59%
Volume: 1.25M
Jan. 27, 2022 4:00p
P/E Ratio
18.46
Dividend Yield
N/A
Market Cap
$7.07 billion
Rev. per Employee
$309,505
loading...
/zigman2/quotes/210489432/composite
US : U.S.: Nasdaq
$ 252.47
+3.15 +1.26%
Volume: 433,515
Jan. 27, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$6.17 billion
Rev. per Employee
$292,521
loading...
/zigman2/quotes/202572630/composite
US : U.S.: Nasdaq
$ 59.37
-1.48 -2.43%
Volume: 2.15M
Jan. 27, 2022 4:00p
P/E Ratio
23.91
Dividend Yield
N/A
Market Cap
$6.46 billion
Rev. per Employee
$137,953
loading...
/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 4,298.00
-19.75 -0.46%
Volume: 272,289
Jan. 28, 2022 6:21a
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,326.51
-23.42 -0.54%
Volume: 3.04B
Jan. 27, 2022 5:00p
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.