That creates a triple play: three companies fighting to acquire Coherent. It traded at $259, up 14.2%, in premarket trading Friday.
II-VI offered $260 a share for Coherent, with $130 in cash and the rest in II-VI shares, II-VI said in a statement. That represents a 24% premium to Coherent’s closing price Thursday.
On Monday, Coherent announced that it received an unsolicited acquisition proposal from MKS Instruments (MKSI) - Get MKS Instruments Inc. Report, a seller of technologies that enable advanced processes and improve productivity.
Under the terms of MKS Instruments' proposal, each share of Coherent common stock would be exchanged for $115.00 in cash and 0.7473 of a share of MKS common stock. That amounts to about $240 per share total, valuing the company at $6 billion.
And on Jan. 19, Coherent announced that it had entered into a merger agreement with Lumentum Holdings (LITE) - Get Lumentum Holdings Inc. Report, under which Lumentum, which sells optical and photonic products, would buy each share of Coherent common stock for $100 in cash and 1.1851 shares of Lumentum common stock. That amounts to about $226 a share total, valuing the company at $5.7 billion.
II-VI intends to fund the transaction with cash on hand and debt financing led by J.P. Morgan Securities.
II-VI and Coherent already are working together, with the companies agreeing in December for II-VI to supply Coherent with automotive and electrification welding parts.
II-VI recently traded at $92.10, down 7.51%; MKS was at $165, up 1.32%; and Lumentum was at $94, up 1.57%.