Pew-pew-pew

12 February 2021 By Amanda Gomez, Robert Cyran Follow @alpgomez

Coherent’s $6.4 bln takeover offer from II-VI is the laser maker’s third in a month. Original bidder Lumentum looks outgunned, since II-VI and MKS have more strategic fit and can theoretically afford to offer more. But Coherent is already overpriced, and passions are kicking in.

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II-VI said on Feb. 12 it had made an offer to buy Coherent for about $6.4 billion. This is the third company bidding for the laser manufacturer.

II-VI has offered $130 in cash and just over 1.3 common shares for each Coherent share. The bid by the optical component maker values Coherent at $260 a share, a premium of 14.6% to the stock’s last close.

In January, optical fiber specialist Lumentum said it would acquire Coherent in a $5.7 billion cash and stock deal. On Feb. 8, Coherent said it had received an unsolicited $6 billion offer from MKS Instruments.

Lumentum’s offer includes $100 per share in cash, whereas MKS’s has a $115-per-share cash component.

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