LITE - II-VI joins Coherent's rare bidding war which faces antitrust hurdles

Laser maker Coherent (COHR) is at the center of a rare three-way bidding war as the pandemic-driven demand boom accelerates consolidation in the chip sector. Coherent makes lasers and related products for medical and scientific equipment, industrials, and semiconductor manufacturing. The company’s products have enough overlap with bidders Lumentum (LITE), MKS Instruments (MKSI), and II-VI (IIVI) that there will be at least small antitrust hurdles in any direction. Here’s a rundown of the current Coherent acquisition offers.Image source: COHR's Seeking Alpha Value GradeLumentum’s accepted offerOn January 19, Lumentum offered $100 in cash and 1.1851 shares of Lumentum common stock per Coherent share, which amounts to an implied deal value of $5.7B. Coherent holders would hold a 27% stake in the combined company. Lumentum wants to buy Coherent to increase its penetration in the $10B market for lasers and photronics outside its wheelhouses of communications and 3D sensing applications. The combined

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II-VI joins Coherent's rare bidding war, which faces antitrust hurdles