Lumentum Holdings (LITE) Comments on Notification from Coherent COHR) of Company Superior Proposal

March 8, 2021 6:50 AM EST

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Lumentum Holdings Inc. ("Lumentum") today announced that it has received notice from Coherent, Inc. (NASDAQ: COHR) ("Coherent") of its Board of Directors' determination that an unsolicited acquisition proposal from II–VI Incorporated (NASDAQ: IIVI) ("II-VI") to acquire Coherent in a cash and stock transaction constitutes a "Company Superior Proposal" as defined in the previously announced definitive merger agreement with Lumentum entered into on January 18, 2021 and Coherent's intention to terminate such merger agreement.

Lumentum has notified Coherent of its intention to review the II-VI proposal under consideration of its matching rights as defined in the definitive merger agreement. Lumentum has four business days to amend its transaction agreement or waive matching rights, and does not expect to make further comments on the matter until that time. Under the terms of the definitive merger agreement, Coherent would be required to pay a $217.6 million termination fee to Lumentum if Coherent terminates the definitive agreement in order to enter into an agreement with II-VI.

Lumentum's Board of Directors continues to recommend the transaction with Coherent to its stockholders.

Deutsche Bank is serving as financial advisor, and Wilson Sonsini Goodrich & Rosati is serving as legal advisor, to Lumentum.

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