Coherent board determines new II-VI proposal is superior to amended Lumentum merger agreement

Coherent announced that the company’s board of directors, in consultation with its financial and legal advisors, has determined that a revised acquisition proposal Coherent received from II-VI Incorporated on March 11, 2021 constitutes a “Company Superior Proposal” under the terms of Coherent’s pending revised merger agreement with Lumentum Holdings Inc. (NASDAQ: LITE) dated March 10, 2021. Under the terms of II-VI’s revised proposal, each share of Coherent common stock would be exchanged for $195.00 in cash and 1.0 share of II-VI common stock at the completion of the transaction.

Coherent has notified Lumentum that it intends to terminate their amended merger agreement unless Coherent receives a revised proposal from Lumentum by 11:59 p.m. Pacific Time on March 17, 2021 that the Coherent board determines to be at least as favorable to Coherent’s stockholders as II-VI’s revised proposal, after taking into account all aspects of any such proposal Coherent may receive from Lumentum.

Bank of America and Credit Suisse are serving as financial advisors to Coherent, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor.