Benzinga | Mar 18, 2021 07:47AM EDT

Coherent Shares Are Trading Higher Following II-VI's Revised Acquisition Proposal

Industrial and fiber laser solutions provider Coherent Inc (NASDAQ: COHR) confirmed receipt of a revised acquisition proposal from II-VI Inc (NASDAQ: IIVI).

* Each share of Coherent would be exchanged for $220 in cash and 0.91 of a share of II-VI under the new proposal beating Lumentum's March 17 revised proposal of $220 in cash and 0.61 of a share of Lumentum.

* Coherent board certified the superiority of II-VI's revised proposal over Coherent's March 9, 2021 merger agreement with Lumentum Holdings Inc (NASDAQ: LITE) for $175 in cash and 1.0109 shares of Lumentum in exchange for each share of Coherent, post consultation with its financial and legal advisors.

* Coherent notified Lumentum regarding the possible termination of their merger agreement in the absence of a revised acquisition proposal from Lumentum by Monday.

* Coherent's previous offers include II-VI's 130 in cash and 1.3055 II-VI shares for each Coherent share, and MKS Instruments, Inc's (NASDAQ: MKSI) $115 in cash and 0.7473 shares of MKS for each Coherent share.

* Bank of America and Credit Suisse are the financial advisors to Coherent with Skadden, Arps, Slate, Meagher & Flom LLP as legal advisors.

* Price action: COHR shares traded higher by 3.19% at $265 in the premarket session on the last check Thursday.