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Coherent Inc. received an unsolicited acquisition proposal from MKS Instruments Inc. to acquire Coherent in a cash and stock transaction, Coherent said in a press release. Coherent issued the release 20 days after it entered into a $5.7 billion merger agreement with Lumentum, pursuant to which Lumentum agreed to acquire Coherent. Under the terms of MKS’ proposal, each share of Coherent common stock would be exchanged for $115 in cash and 0.7473 of a share of MKS common stock at the completion of the transaction.
Coherent announced its transaction with Lumentum Holdings Inc. on Jan. 19. Per that deal, Lumentum agreed to acquire Coherent with each share of Coherent common stock being exchanged for $100 in cash and 1.1851 shares of…