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II-VI Incorporated (Nasdaq: IIVI) inaugurated its largest technology and R&D Center in Shanghai, China, marking a significant milestone during its 50th anniversary. The facility will support nearly 600 employees, focusing on developing advanced optical components and solutions for markets like Cloud, 5G, and life sciences. The inauguration follows the company's expansion of silicon carbide manufacturing in China, highlighting its strategic commitment to the electric vehicle market. II-VI also joined prominent U.S.-China relations organizations to enhance its operational ties in the region.
II-VI Incorporated and MYTILINEOS achieved a breakthrough in scandium recovery from bauxite residues, enhancing sustainability in aluminum alloys and additive manufacturing.
This pilot-scale demonstration, part of the European Community's Horizon 2020 Programme, leverages II-VI's patented selective ion recovery (SIR) technology. Scandium, crucial for reducing carbon emissions, is now more accessible for green energy, aerospace, and transportation applications. According to the companies, this process minimizes reagent consumption and improves extraction efficiency, promising significant economic and environmental advantages.
II-VI Incorporated (Nasdaq: IIVI) has partnered with the World Economic Forum as a member of the Advanced Manufacturing & Production Platform. This collaboration enables II-VI to engage with influential companies and innovators to shape global industry agendas. CEO Dr. Vincent D. Mattera, Jr. emphasized the company's commitment to advancing Industry 4.0 through this partnership. II-VI aims to support the vision of inclusive, agile, and sustainable manufacturing practices while enhancing its global manufacturing footprint.
II-VI Incorporated (Nasdaq: IIVI) announced that its pluggable optical line subsystem (POLS) platform and WaveShaper® instrument received high ratings in the 2021 Annual Lightwave Innovation Reviews. The POLS platform is the first in a compact OSFP format, facilitating full-duplex multichannel 400ZR transport. Meanwhile, the WaveShaper® was recognized as the leading optical filtering tool for simulating realistic optical network configurations. Dr. Sanjai Parthasarathi highlighted these innovations as crucial for advancing optical transmission capabilities.
II-VI Incorporated (NASDAQ: IIVI) announced the expansion of its silicon carbide (SiC) wafer finishing capabilities in Fuzhou, China, to support the increasing demand for electric vehicles (EVs) and clean energy applications. The new facility will enhance production of conductive SiC substrates, crucial for improving EV efficiency by approximately 10% per charge. With China projected to account for over 40% of global EV sales, II-VI plans to boost its SiC production capacity significantly in the next 5 to 10 years, leveraging innovations including 200 mm conductive substrates.
II-VI Incorporated (Nasdaq: IIVI) has announced a definitive agreement to acquire Coherent, Inc. (Nasdaq: COHR) in a cash and stock transaction valued at $220.00 cash and 0.91 shares of II-VI stock for each Coherent share. This strategic move aims to create a global leader in photonic solutions with an anticipated $4.1 billion in annual revenue. The merger is expected to deliver $250 million in annual cost synergies within 36 months and is anticipated to be accretive to II-VI's non-GAAP EPS in the second year. The deal is planned to close by year-end 2021, subject to shareholder and regulatory approvals.
Coherent, Inc. has accepted an acquisition proposal from II-VI Incorporated, deemed a "Company Superior Proposal" over Lumentum Holdings. Coherent's board evaluated both proposals and opted to terminate the merger agreement with Lumentum, incurring a $217.6 million termination fee. Under the new agreement with II-VI, each Coherent share will convert to $220 in cash and 0.91 shares of II-VI stock. The deal awaits stockholder and regulatory approval, with closing expected in Q4 2021.
Lumentum Holdings Inc. announced the termination of its merger agreement with Coherent, Inc., which requires Coherent to pay a $217.6 million termination fee. Coherent's Board opted for an inferior offer from II-VI Incorporated, whose proposal was valued at $281.21, compared to Lumentum's superior bid worth $283.12. Lumentum's offer included $230 in cash and stock, while II-VI's consisted of $220 in cash and shares. The news emphasizes Lumentum's commitment to pursuing strategic acquisitions amid competitive offers.
II-VI Incorporated (Nasdaq: IIVI) has reaffirmed its proposal to acquire Coherent, Inc. (Nasdaq: COHR), set to expire March 25, 2021. The offer includes $220 in cash and 0.91 shares of II-VI stock per Coherent share, totaling $287.18 based on the 10-day VWAP prior to the proposal. II-VI claims that this offer is superior to a competing bid from Lumentum. The acquisition aims to create substantial value for shareholders of both companies.
On March 23, 2021, Coherent announced a new acquisition proposal from Lumentum, offering $230 in cash and 0.6724 shares of Lumentum per share of Coherent. This proposal follows II-VI's superior offer of $220 and 0.91 shares per Coherent share, received on March 17, 2021. Coherent's board will review Lumentum's offer against II-VI's. The transaction is subject to stockholder and regulatory approvals in China and South Korea. The Hart-Scott-Rodino waiting period has expired, but no assurance exists that Coherent will accept Lumentum's proposal.
