Lumentum Holdings Inc. said Monday it received notice from laser technology company Coherent Inc. , which Lumentum has entered into an agreement to acquire, that the unsolicited buyout bid it received from II-VI Inc. was “superior.” Lumentum said it will review the II-VI bid, and will have four days to match the rival bid. if the Lumentum-Coherent merger agreement is terminated, Coherent will be required to pay a $217.6 million termination fee. On Feb. 12, II-VI made a $260-per-share cash-and-stock bid to buy Coherent, valuing the company at the time at $6.36 billion, while the cash-and-stock merger agreement with Lumentum announced on Jan. 19 was valued at $5.7 billion. Lumentum’s stock gained 0.1% in premarket trading while Coherent’s stock rallied 4.4% and II-VI share shed 2.8%. Meanwhile, futures for the S&P 500 fell 0.5%.
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