Benzinga | Mar 18, 2021 05:31AM EDT

Lumentum Confirms Notification from Coherent Regarding Superior Proposal from II-VI

Lumentum Holdings Inc. (NASDAQ:LITE) today announced that it has received notice from Coherent, Inc. (NASDAQ:COHR) ("Coherent") of its Board of Directors' determination that an unsolicited acquisition proposal from IIVI Incorporated (NASDAQ:IIVI) ("II-VI") to acquire Coherent in a cash and stock transaction constitutes a "Company Superior Proposal" as defined in the previously announced amended definitive merger agreement with Lumentum entered into on March 9, 2021 and Coherent's intention to terminate such merger agreement.

Lumentum has until 11:59 p.m. Pacific Time on Monday, March 22, 2021 to amend its transaction agreement or waive matching rights, and does not expect to make further comments on the matter until that time. Under the terms of the definitive merger agreement, Coherent would be required to pay a $217.6 million termination fee to Lumentum if Coherent terminates the definitive agreement in order to enter into an agreement with II-VI.

Lumentum's Board of Directors continues to recommend the transaction with Coherent to its stockholders