SANTA CLARA, Calif., Feb. 10, 2011 /PRNewswire/ -- Coherent, Inc. (Nasdaq: COHR) today announced that it commenced a modified "Dutch Auction" tender offer to purchase up to 1,271,100 shares of its common stock at a price per share not less than $53.00 and not greater than $59.00. The tender offer commenced on February 10, 2011 and is scheduled to expire on March 11, 2011, unless extended. The number of shares proposed to be purchased in the tender offer represents approximately 5.0 percent of Coherent's currently outstanding shares. Tenders of shares must be made prior to the expiration of the tender offer and may be withdrawn at any time prior to that time.
On the terms and subject to the conditions of the tender offer, Coherent's stockholders will have the opportunity to tender some or all of their shares at a price within the $53.00 to $59.00 per share range. Based on the number of shares tendered and the prices specified by the tendering stockholders, Coherent will determine the lowest per-share price within the range that will enable it to buy 1,271,100 shares, or such lesser number of shares that are tendered and not withdrawn. All shares accepted in the tender offer will be purchased at the same price per share even if the stockholder tendered at a lower price. If stockholders tender more than 1,271,100 shares at or below the purchase price per share, Coherent will purchase the shares tendered at or below the determined purchase price by those stockholders, subject to proration and certain other factors.
The tender offer is not contingent upon any minimum number of shares being tendered. The tender offer is, however, subject to a number of customary terms and conditions.