Lumentum Holdings Inc. (LITE) said Coherent, Inc. (COHR) has informed the company its intention to terminate merger agreement. The Board of Coherent determined that an unsolicited acquisition proposal from II-VI (IIVI) to acquire Coherent in a cash and stock deal constitutes a Superior Proposal.
Lumentum said it has until 11:59 p.m. on March 17, 2021 to amend its transaction agreement or waive matching rights, and does not expect to make further comments on the matter until that time.
Lumentum's Board continues to recommend the deal with Coherent to its stockholders.
For comments and feedback: editorial@rttnews.com