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Bidding Battle For Coherent Heats Up With II-VI s $6.5B Offer
Law360 (February 12, 2021, 9:35 AM EST) II-VI Inc., advised by Wachtell Lipton and K&L Gates, said Friday that it has offered to buy Skadden-represented Coherent Inc. for roughly $6.5 billion, setting up a potential three-way bidding war for the laser tools and systems developer.
The offer from Saxonburg, Pennsylvania-based II-VI Inc. is worth $260 per Coherent share, equivalent to a total enterprise value of $6.5 billion, according to a statement. The consideration would come as a mixture of $130 in cash and 1.3055 II-VI common shares for each Coherent share.
The bid comes amid an already-in-progress fight to acquire Coherent featuring San Jose, California-headquartered Lumentum Holdings Inc..