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Lumentum raises Coherent offer to $6.9BN with private equity backing
17 Mar 2021
The bidding war to acquire laser company Coherent shows no sign of abating, with Lumentum responding to II-VIâs latest offer with another increased bid of its own.
Estimated to be worth $6.9Â billion - slightly higher than II-VIâs latest offer - the new Lumentum deal would see $220 in cash and 0.61Â Lumentum shares exchanged for each Coherent share.
Although Coherent has acknowledged receipt of the latest revised offer from Lumentum, the Santa Clara firm says its board of directors will carefully evaluate it before deciding whether to recommend it over the II-VI bid.
Lumentum Announces Revised Proposal for Coherent
Silver Lake to Make a $1 Billion Equity Investment in the Combined Company
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SAN JOSE, Calif., and MENLO PARK, Calif., March 17, 2021 /PRNewswire/ Lumentum Holdings Inc. ( Lumentum ) today confirmed that on March 17, 2021, it delivered to Coherent, Inc. s (Nasdaq: COHR) Board of Directors a revised proposal to acquire Coherent in a cash and stock transaction valued at $6.9 billion. Under the terms of the revised proposal, Coherent stockholders would receive $220.00 per share in cash and 0.6100 shares of Lumentum common stock for each Coherent share they own. Using Lumentum s closing stock price as of March 16, 2021, this equates to a consideration of $275.00 per Coherent share. As part of Lumentum s revised proposal, Silver Lake, the global leader in technology investing, will make a $1 billion equity investment in the combined company.