Lumentum Holdings (LITE) Comments on Proposal by MKS Instruments (MKSI) to Acquire Coherent (COHR), Believes its Transaction is Superior
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Lumentum Holdings Inc. (Nasdaq: LITE) today issued the following statement regarding its definitive agreement to acquire Coherent.
"The combination of Lumentum and Coherent will create a leading photonics technology company and will deliver compelling strategic and financial benefits to both companies' stakeholders," said Alan Lowe, Lumentum President and CEO. "We believe our transaction is superior. In contrast to the proposal by MKS Instruments, the Lumentum-Coherent transaction has a clear path to regulatory approval and completion, and Lumentum remains committed to closing the transaction in the second half of the year. We look forward to uniting two global industry leaders -- with complementary businesses -- to accelerate photonic innovation and pursue exciting new growth initiatives to the benefit of our respective customers, employees and stockholders."
On January 19, 2021, Lumentum and Coherent announced a definitive agreement under which Coherent stockholders will receive $100.00 per share in cash and 1.1851 shares of Lumentum common stock for each Coherent share they own. The transaction is expected to close in the second half of calendar year 2021, subject to approval by Lumentum's and Coherent's stockholders, receipt of regulatory approvals and other customary closing conditions.
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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