SANTA CLARA, CA – Coherent received an unsolicited acquisition proposal from II–VI to acquire Coherent in a cash and stock transaction.

Under the terms of II-VI's proposal, each share of Coherent common stock would be exchanged for $130.00 in cash and 1.3055 shares of II-VI common stock at the completion of the transaction.

On Jan. 19, Coherent announced it had entered into a merger agreement with Lumentum Holdings, pursuant to which Lumentum agreed to acquire Coherent. Each share of Coherent common stock would be exchanged for $100.00 in cash and 1.1851 shares of Lumentum common stock at the completion of the transaction.

On Feb. 8, Coherent said it had received an unsolicited acquisition proposal from MKS Instruments. Under the terms of the proposal, each share of Coherent common stock would be exchanged for $115.00 in cash and 0.7473 of a share of MKS common stock at the completion of the transaction.

The pending transaction with Lumentum and proposed transactions with MKS and II-VI would all be subject to customary closing conditions, including receipt of US and foreign antitrust approvals and stockholder approvals.

Coherent's board of directors is reviewing and considering II-VI's proposal. They provide no assurances Coherent will conclude the transaction proposed by II-VI is superior to Coherent's pending transaction with Lumentum or the proposal from MKS. Coherent stockholders are advised to take no action at this time and encouraged to await a final determination from Coherent's board.

Notwithstanding its receipt of MKS's and II-VI's proposals, Coherent's board continues to recommend Coherent's merger agreement with Lumentum to its stockholders. Coherent's board of directors is not modifying or withdrawing its recommendation with respect to the Lumentum merger agreement at this time and is not making any recommendation with respect to the other proposals at this time.

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