Just weeks after accepting a $5.7bn acquisition offer from Lumentum, Coherent has received an unsolicited $6bn acquisition proposal from global metrology systems provider MKS Instruments.
While Coherent’s board of directors is currently evaluating MKS’ proposal, after consulting with its financial and legal advisors it has determined that the new proposal could lead to a superior transaction than that currently pending with Lumentum.
Coherent will therefore engage in discussions with MKS to further evaluate the comparative benefits and risks of the proposed transaction relative to the pending transaction with Lumentum, including the near and long term financial opportunities of each transaction, the expected completion timing of each transaction, and the closing risks associated with each transaction.
Currently however the board continues to recommend Coherent’s merger agreement with Lumentum to its stockholders. It is not modifying or withdrawing its recommendation and is not making any recommendation with respect to MKS’ proposal at this time.
Since the time of writing, II-VI has also made an acquisition offer to Coherent for $6.4bn.