LITE - Coherent/II-VI deal spread narrows on report of progress in China review (update)

Update 11:12am: Adds reporting from a Dealreporter item. The deal spread with II-VI (NASDAQ:IIVI) planned purchase of Coherent (NASDAQ:COHR) narrowed after a report of progress with China's antitrust review. Coherent (COHR) and II-VI (IIVI) are reportedly finalizing a market test of a remedy in China, according to traders, who cited a report being circulated. Separately, Dealreporter published an item Wednesday saying that China's review of the deal is progressing well with approval expected soon, though not imminently. One source told the publication that the timeframe for approval is likely a matter of weeks than days. The latest update come after Dealreporter in late April said imminent approval of the transaction wasn't expected as remedies hadn't been finalized. Though a China market test of remedies had gone well, third parties have raised some new issues and have requested additional concessions. Last Month, II-VI (IIVI) and Coherent (COHR) refiled their premerger notification with the

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Coherent/II-VI deal spread narrows on report of progress in China review (update)