Coherent Board To Review Revised Takeover Proposal From Lumentum

(RTTNews) - Coherent, Inc. (COHR), a provider of lasers and laser-based technology, announced that it has received a new cash and stock acquisition proposal from Lumentum Holdings Inc. (LITE).

Under the new proposal terms, each share of Coherent common stock would be exchanged for $230 in cash and 0.6724 of a share of Lumentum common stock at the completion of the transaction.

The transaction would be subject to approval by Coherent's and Lumentum's stockholders, receipt of regulatory approvals in China and South Korea and other customary closing conditions.

Coherent recently received a revised acquisition proposal from II-VI Inc. (IIVI), which the Coherent board of directors determined to be both a "Company Superior Proposal" under Coherent's March 9 merger agreement with Lumentum and also superior to a revised acquisition proposal Coherent also received from Lumentum on March 17.

Under the terms of II-VI's March 17 acquisition proposal, each share of Coherent common stock would be exchanged for $220.00 in cash and 0.91 of a share of II-VI common stock at the completion of the transaction.

The company said the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act in the U.S. that was applicable to Lumentum's proposed acquisition of Coherent has already expired.

Coherent said its board of directors will carefully review Lumentum's new acquisition proposal in comparison to II-VI's March 17 acquisition proposal.