SAN JOSE, Calif., March 25, 2021 /PRNewswire/ -- Lumentum
Holdings Inc. ("Lumentum") today announced that Coherent, Inc.
(NASDAQ: COHR) ("Coherent") has provided notice of termination of
the previously announced amended definitive merger agreement with
Lumentum entered into on March 9,
2021. Pursuant to the terms of the definitive merger
agreement, Coherent is required to pay a $217.6 million termination fee to Lumentum.
Lumentum noted Coherent's Board of Directors chose to accept an
offer that is inferior in overall value and cash consideration.
Using the closing prices as of March 24,
2021, Lumentum's offer had a value of $283.12 while the value of II–VI Incorporated's
(NASDAQ: IIVI) ("II-VI") offer was $281.21.
Lumentum's offer consisted of $230
in cash and 0.6724 shares of Lumentum stock for each share of
Coherent. II-VI's offer consisted of $220 in cash and 0.9100 shares of II-VI for each
share of Coherent.
Advisors
Deutsche Bank is serving as the exclusive financial advisor to
Lumentum and Wilson Sonsini Goodrich
& Rosati is serving as legal advisor.
About Lumentum
Lumentum (NASDAQ: LITE) is a major designer and manufacturer of
innovative optical and photonic products enabling optical
networking and laser applications worldwide. Lumentum optical
components and subsystems are part of virtually every type of
telecom, enterprise, and data center network. Lumentum lasers
enable advanced manufacturing techniques and diverse applications
including next-generation 3D sensing capabilities. Lumentum is
headquartered in San Jose,
California with R&D, manufacturing, and sales offices
worldwide. For more information, visit www.lumentum.com.
Lumentum Contact Information
Investors: Jim Fanucchi, (408)
404-5400, investor.relations@lumentum.com
Media: Eric Brielmann or
Kelly Sullivan, Joele Frank, Wilkinson Brimmer Katcher, (212)
355-4449
Category: Financial
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SOURCE Lumentum Holdings Inc.