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Lumentum revised its proposal to acquire Coherent, delivering a cash and stock purchase offer valued at $6.9 billion. The Lumentum offer is in response to the latest Coherent acquisition proposal from II-VI, which was announced last week. Coherent, following its receipt of that II-VI proposal, said its board had determined II-VI’s latest bid to be superior to terms of a merger agreement it had with Lumentum on March 10. That proposal, II-VI said, carried an enterprise value of $6.8 billion.
Coherent said its board will now review the latest proposal from Lumentum — which represents the richest bid yet in the acquisition process (in terms of purchase offer price), and the fifth known bid from the company, and the 10th…READ MORE