MKSI - II-VI will offer $6.5 billion rival bid for Coherent

II-VI (IIVI) plans to enter the bidding war for Coherent (COHR) with a $6.5 billion bid coming as soon as today.The bid would offer $260 per share with $130 in cash and the rest in II-VI shares.Coherent had agreed to sell itself to Lumentum (LITE) for about $220 a share before announcing a rival bid from MKS Instruments (MKSI) last week for $240 per share. With a $10.4B market cap, II-VI is the largest of the three bidders, which all compete with Coherent in creating laser products for semiconductor manufacturing, a hot industry right now due to the global semiconductor shortage.Source: WSJ sources.Coherent shares are up 14.6% pre-market. II-VI is down 6.4%.Yesterday, Coherent reported fiscal Q1 beats on the top and bottom lines.

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II-VI will offer $6.5 billion rival bid for Coherent