The Ongoing Battle for Coherent
Earlier this month we noted the continuing battle between what is now II-VI (IIVI) and Lumentum (LITE) for Coherent (COHR). Since then things have heated up further with a number of offers and counter-offers from both parties. Since 3/8 the battleground looks like this:
3/8 MKS (MKSI) offers $135m in cash and $115m in stock for a $250m valuation
3/9 II-VI offers $170m in cash and 1.098 shares for a $260m valuation.
3/9 Lumentum offers $175m in cash and 1.109 shares
3/12 II-VI offers $195m in cash and 1.08 shares for a $272.68 valuation
3/16 Bain Capital (BCFS) to buy $1.5b in preferred of II-VI
3/17 Lumentum offers $220m in cash and .61 shares for a $275m valuation
3/18 II-VI offers $220m in cash and .91 shares for a $287.18m valuation
This leaves Lumentum until 3/22 to match or beat the II-VI latest offer. Seems like the fat lady is still not singing…
3/8 MKS (MKSI) offers $135m in cash and $115m in stock for a $250m valuation
3/9 II-VI offers $170m in cash and 1.098 shares for a $260m valuation.
3/9 Lumentum offers $175m in cash and 1.109 shares
3/12 II-VI offers $195m in cash and 1.08 shares for a $272.68 valuation
3/16 Bain Capital (BCFS) to buy $1.5b in preferred of II-VI
3/17 Lumentum offers $220m in cash and .61 shares for a $275m valuation
3/18 II-VI offers $220m in cash and .91 shares for a $287.18m valuation
This leaves Lumentum until 3/22 to match or beat the II-VI latest offer. Seems like the fat lady is still not singing…
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