MKSI - Coherent says II-VI's raised acquisition offer is superior to Lumentum bid

II-VI (IIVI) raises its unsolicited offer to acquire Coherent (COHR) to include $170 in cash and 1.0981 II-VI common shares for each Coherent share, implying an enterprise value of $6.5B and a total consideration of $260 per share.The original offer from II-VI included $130.00 in cash and 1.3055 in II-VI shares.The enhanced offer also includes fully committed debt financing from J.P. Morgan and a $1.5B equity investment from a Bain affiliate in the combined company.Coheren'ts board says it has informed II-VI that its bid is superior to the previously accepted merger agreement with Lumentum (LITE).“We are pleased that Coherent’s Board has deemed our offer a Company Superior Proposal and we stand ready to execute a merger agreement in the coming days,” says II-VI CEO Dr. Vincent D. Mattera, Jr.Coherent shares are up 4.4% pre-market. II-VI is down 2.2%.On January 19, Lumentum had offered  100 in cash and 1.1851 shares for Coherent. MKS Instruments

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Coherent says II-VI's raised acquisition offer is superior to Lumentum bid