IIVI - NeoPhotonics gains on report of likely China antitrust approval for deal

NeoPhotonics (NYSE:NPTN) rose 1.9% on a report that the company's planned $16/share sale to Lumentum  (NASDAQ:LITE) is not seeing major objections in China. LITE gained 0.7%. Third parties have not raised any major objections to the combination, according to traders, who cited a report being circulated. China's State Administration for Market Regulation hasn't lodged formal complaints against the transaction. There appears to be an increasing probability that the deal receives unconditional approval in China, according to the report. The update comes after the deal received U.S. antitrust approval in January after HSR waiting period expired. The transaction is expected to close in the second half of calendar year 2022. Lumentum (LITE) agreed to buy NeoPhotonics (NPTN) for more than $900M, or $16/share in cash, in early November. The deal came amid a flurry of M&A activity in the optical sensor market. I-VI (IIVI) beat out Lumentum (LITE) last year in a bid for Coherent (COHR). Lumentum (LITE) is scheduled to present at

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NeoPhotonics gains on report of likely China antitrust approval for deal