Coherent said it has received an acquisition bid that is superior to the USD 5.7 billion offer from Lumentum. The unsolicited bid comes from II–VI, a semiconductor manufacturing company based in Pennsylvania.
Lumentem said it has been notified of Coherent’s intention to review the new offer. Coherent has four business days to amend its transaction agreement with Lumentum, which will continue to recommend the transaction with Coherent to its stockholders.
Under the terms of the definitive merger agreement signed in January, Coherent would have to pay a termination fee of USD 217.6 million if it cancels its deal with Lumentum.
