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II-VI Incorporated has presented a revised proposal to acquire Coherent, Inc. for $220.00 in cash and 0.91 shares of II-VI stock per share of Coherent, totaling a value of $287.18 per share based on recent trading data. The proposal is considered superior to an alternative from Lumentum Holdings. II-VI is prepared to finance the deal with $5.4 billion in debt and a $1.5 billion equity investment from Bain Capital. The acquisition is expected to enhance II-VI's non-GAAP EPS within two years after closing.
Lumentum Holdings received notice from Coherent's Board that an acquisition proposal from II-VI is deemed a 'Company Superior Proposal' under their merger agreement from March 9, 2021. Coherent plans to terminate this agreement, which would incur a $217.6 million termination fee to Lumentum. Lumentum has until March 22, 2021, to amend or waive its rights concerning the proposal. Despite this situation, Lumentum's Board continues to recommend the merger with Coherent.
On March 18, 2021, Coherent, Inc. (NASDAQ: COHR) acknowledged a revised acquisition proposal from II-VI Incorporated (NASDAQ: IIVI). The proposal offers $220 in cash and 0.91 shares of II-VI common stock per Coherent share. This proposal is deemed a 'Company Superior Proposal' compared to a prior offer from Lumentum Holdings Inc. (NASDAQ: LITE). Coherent's board has notified Lumentum of its intention to terminate their agreement unless a better proposal is received by March 22, 2021. Financial advisors Bank of America and Credit Suisse are assisting Coherent in these negotiations.
II-VI Incorporated (Nasdaq: IIVI) has opened a new applications laboratory in Suzhou, China, aimed at supporting the regional industrial laser market. This facility will focus on collaboration with automotive manufacturers, particularly for electric vehicle production and battery welding. II-VI’s applications engineers will provide customers with hands-on training, feasibility studies, and consulting on advanced laser processing technologies. The company also plans to exhibit its laser materials processing solutions at the upcoming ILAS event on March 24-25.
II-VI Incorporated (Nasdaq: IIVI) announced a proposed equity investment by Bain Capital, involving the purchase of 75,000 shares of Series B-1 Convertible Preferred Stock for $750 million. An additional 75,000 shares of Series B-2 Convertible Preferred Stock may be purchased for a similar amount, contingent on II-VI’s acquisition of Coherent, Inc. The conversion prices are set at $85.00 for Series B-1 and $104.09 for Series B-2. The preferred stock will have a 5.00% annual dividend, payable in-kind initially, and Bain will obtain a board seat upon issuance.
II-VI Incorporated has submitted a superior acquisition proposal for Coherent, Inc., offering shareholders $195.00 in cash and 1 II-VI share for each Coherent share, totaling $6.8 billion in enterprise value. This offer translates to $272.68 per share based on II-VI's stock price as of March 10, 2021. The deal includes $4.8 billion in debt financing and a $1.5 billion equity investment from Bain Capital. II-VI expects the acquisition to enhance its non-GAAP EPS in the second year post-closing, indicating a strategic alignment of technology and operations.
Lumentum Holdings Inc. announced that Coherent's Board deemed an unsolicited acquisition proposal from II-VI Incorporated as a 'Company Superior Proposal' under a prior merger agreement. Coherent intends to terminate its agreement with Lumentum, which was established on March 9, 2021. Lumentum has until March 17, 2021, to amend the transaction agreement. If Coherent proceeds with II-VI, it must pay a termination fee of $217.6 million to Lumentum. The Lumentum Board continues to recommend the merger with Coherent to its shareholders.
Coherent, Inc. (NASDAQ: COHR) announced on March 12, 2021, that its board has determined a revised acquisition proposal from II-VI Incorporated (NASDAQ: IIVI), received on March 11, to be a 'Company Superior Proposal.' This proposal offers $195.00 in cash and one share of II-VI common stock for each share of Coherent. Consequently, Coherent intends to terminate its current merger agreement with Lumentum Holdings Inc. (NASDAQ: LITE) unless Lumentum presents a more favorable proposal by March 17, 2021. Financial and legal advisors involved include Bank of America and Credit Suisse.
II-VI Incorporated (Nasdaq: IIVI) announced a proposal to acquire all outstanding shares of Coherent in a cash and stock transaction. The deal aims to enhance II-VI's position in the photonics market. A live webcast and conference call will be held on March 9, 2021, at 9:00 a.m. EST for further discussion on the proposal. This strategic acquisition is anticipated to create synergies and opportunities for growth, leveraging II-VI's expertise in engineered materials and optoelectronic components.
II-VI Incorporated has proposed a revised acquisition offer to Coherent Inc., delivering a cash and stock transaction valued at $6.5 billion. Coherent's shareholders are expected to receive $170.00 in cash and 1.0981 II-VI shares for each share, totaling $260.00 per share based on recent share prices. II-VI anticipates achieving annual cost synergies of $250 million within three years and plans to reduce leverage significantly through a $1.5 billion equity investment from Bain Capital. The transaction is projected to be accretive to non-GAAP EPS by the second year after closing.
