Coherent (COHR) Confirms Receipt Of Unsolicited Proposal From II-VI Incorporated (IIVI)
- Wall Street ends week positively; S&P 500, Dow hit record highs
- Bitcoin (BTC) Drops 3% as Turkey Bans Cryptocurrency Payments Citing Lack of Regulatory Supervision
- Morgan Stanley (MS) Archegos-Related Loss Appears to be $911M
- Dollar at 4-week low on retreating Treasury yields
- J&J (JNJ) Privately Asked Rival Covid-19 Vaccine Makers to Inspect Clotting Risks, AstraZeneca (AZN) Said Yes but Pfizer (PFE) and Moderna (MRNA) Declined - Report
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
Coherent, Inc. (NASDAQ: COHR) ("Coherent") today announced that it has received an unsolicited acquisition proposal from II–VI Incorporated (NASDAQ: IIVI) ("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 January 19, 2021, Coherent announced that it had entered into a merger agreement with Lumentum Holdings Inc. (NASDAQ: LITE) ("Lumentum"), pursuant to which Lumentum agreed to acquire Coherent and 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 February 8, 2021, Coherent announced that it had received an unsolicited acquisition proposal from MKS Instruments (NASDAQ: MKSI) ("MKS"). 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.
The pending transaction with Lumentum and proposed transactions with MKS and II-VI would all be subject to customary closing conditions, including receipt of U.S. and foreign antitrust approvals and stockholder approvals.
Coherent's board of directors, consistent with its fiduciary duties and in consultation with its financial and legal advisors, is carefully reviewing and considering II-VI's proposal. There can be no assurances that Coherent will conclude that 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 of directors.
Notwithstanding its receipt of MKS' proposal and II-VI's proposal, 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 or II-VI's 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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- AstraZeneca (AZN) receives US clearance of proposed acquisition of Alexion (ALXN)
- Inspirato Said in Talks to Merge with Thayer Ventures Acquisition (TVAC) - Bloomberg (Earlier)
- MER Telemanagement Solutions (MTSL) Signs Definitive Merger Agreement with SharpLink
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Mergers and Acquisitions
Related EntitiesDefinitive Agreement, BofA/Merrill Lynch
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!