Shares of Coherent Inc. rose 1.5% in premarket trading Friday, after the laser technology company said it informed Lumentum Holdings Inc. that a revised unsolicited buyout bid from II-VI Inc. it received Thursday was “superior” to the recently increased and agreed on bid from Lumentum. Coherent said II-VI’s bid was $195 in cash and 1.0 II-VI shares for each Coherent share Based on Thursday’s closing prices, that represents a $271.51 price for Coherent shares, a 9.4% premium, that values Coherent at about $6.64 billion. Terms of Lumentum’s increased cash and stock bid, as of March 10 when the deal agreement was announced, as $261.62 a share; that increases to $262.60 at Thursday’s closing prices. Under terms of the agreement, Coherent said Lumentum has until 11:59 p.m. Pacific on March 17 to present a revised bid. Coherent would be required to pay $217.6 million if it decides to terminate the Lumentum deal. Shares of Lumentum slipped 0.1% ahead of the open and II-VI’s stock dropped 2.8%, while futures for the S&P 500 declined 0.5%.
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