New shots were fired Wednesday in the increasingly contentious takeover battle for Coherent (NASDAQ: COHR) . The two leading contenders to acquire the laser technology company, Lumentum Holdings (NASDAQ: LITE) and II-VI (NASDAQ: IIVI) both submitted fresh bids to gain the upper hand.
The earlier of the two was Lumentum's. The company increased its offer to $220 per share in cash and 0.61 of a share of its own stock per Coherent share, for a total of roughly $275 per share. It added that private equity firm Silver Lake Capital will also make a $1 billion equity investment in the combined company.
Image source: Getty Images.
For further details see:
Lumentum Holdings Raises Buyout Offer for Coherent; II-VI Apparently Follows Suit