Coherent, Inc. (COHR) said its board has unanimously determined that a revised acquisition proposal received from II-VI Incorporated (IIVI) constitutes a Superior Proposal under pending merger agreement with Lumentum Holdings Inc. (LITE). Under the revised proposal, each share of Coherent common stock would be exchanged for $170.00 in cash and 1.0981 shares of II-VI common stock.
Coherent has notified Lumentum that it intends to terminate the merger agreement unless the company receives a revised proposal from Lumentum by March 11, 2021.
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