Lumentum Holdings Inc. said it has received notice from Coherent, Inc. (COHR) of its intention to terminate merger agreement. The Coherent Board determined that an unsolicited acquisition proposal from II-VI Incorporated (IIVI) to acquire Coherent in a cash and stock transaction constitutes a Superior Proposal.
Lumentum has notified Coherent of its intention to review the II-VI proposal under consideration of its matching rights. Lumentum has four business days to amend its transaction agreement or waive matching rights.
Lumentum's Board continues to recommend the transaction with Coherent to its stockholders.
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