AES Semigas


15 March 2021

Lumentum responds to Coherent favoring II-VI’s acquisition proposal

Lumentum Holdings Inc of San Jose, CA (which designs and makes photonic products for optical networks and lasers in industrial and consumer markets) confirms that it has received notice from Coherent Inc of Santa Clara, CA, USA of its board of director’s determination that an unsolicited proposal from engineered materials and optoelectronic component maker II-VI Inc of Saxonburg, PA to acquire it in a cash and stock transaction constitutes a ‘Company Superior Proposal’, as defined in the amended definitive merger agreement with Lumentum of 9 March (which Coherent’s intends to terminate).

If Coherent terminates the definitive merger agreement with Lumentum in order to enter into an agreement with II-VI, then it would be required to pay a $217.6m termination fee to Lumentum.

Lumentum’s board continues to recommend the transaction to Coherent’s stockholders, but Coherent has given it until 11:59pm Pacific Time on 17 March to amend the agreement or waive matching rights.

Deutsche Bank is serving as the exclusive financial advisor and sole bookrunner on the committed debt financing to Lumentum and Wilson Sonsini Goodrich & Rosati is serving as legal advisor.

See related items:

Coherent declares new II-VI acquisition proposal superior to amended Lumentum merger agreement

Lumentum to acquire Coherent for $5.7bn

Tags: Optical communications II-VI Inc