Coherent, Inc. (COHR) Confirms Receipt Of Unsolicited Proposal From MKS Instruments (MKSI), Says Could Lead to Superior Proposal

Coherent, Inc. (NASDAQ: COHR) today announced that it has received an unsolicited acquisition proposal from MKS Instruments, Inc. (NASDAQ: MKSI) to acquire Coherent in a cash and stock transaction. Under the terms of MKS' 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, subject to customary closing conditions including receipt of U.S. and foreign antitrust approvals and stockholder approvals.

Coherent's board of directors is evaluating MKS' proposal and has not made a determination as to whether it is superior to the Lumentum transaction under the terms of Coherent's merger agreement with Lumentum. After consulting with its financial and legal advisors, however, Coherent's board of directors has determined that MKS' proposal could lead to a transaction that is superior to its pending transaction with Lumentum and, accordingly, Coherent has determined to engage in discussions with MKS to further evaluate the comparative benefits and risks of MKS' proposed transaction relative to Coherent's pending transaction with Lumentum, including the near and long term financial opportunities of each transaction, the expected completion timing of each transaction, and the closing risks associated with each transaction. There can be no assurances that Coherent will conclude that the transaction proposed by MKS is superior to Coherent's pending transaction with Lumentum, and Coherent investors are encouraged to await a final determination from Coherent's board of directors..

Notwithstanding its receipt of MKS' proposal and pending discussions between Coherent and MKS, Coherent's board of directors 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 and the Lumentum merger at this time, or proposing to do so, and is not making any recommendation with respect to MKS' proposal at this time.

Bank of America is serving as financial advisor to Coherent and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor.

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