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Coherent determined that a revised acquisition proposal from optical components and semiconductor materials manufacturer II-VI is superior to the terms of a January merger agreement between Coherent and laser and optical fiber developer Lumentum.
Coherent notified Lumentum it intends to terminate that agreement if it does not receive a revised proposal from Lumentum by Thursday, March 11.
The revised proposal from II-VI builds on a previous unsolicited acquisition proposal that II-VI submitted to Coherent on Feb. 12 following an unsolicited bid from MKS Instruments. Per terms of the new proposal, each share of Coherent common stock would be exchanged for $170 in cash and 1.0981 shares of II-VI common stock following completion…READ MORE