II-VI Confirms Revised Proposal To Acquire Coherent - Quick Facts

(RTTNews) - II-VI Inc. (IIVI) confirmed that on March 11, 2021 it sent a revised proposal to acquire Coherent Inc. (COHR) in a cash and stock transaction. Coherent's Board has informed II-VI that it deems II-VI's March 11 proposal superior to Coherent's March 9 merger agreement with Lumentum Holdings Inc.

As per the terms of the revised II-VI proposal, Coherent's shareholders would receive $195.00 in cash and 1.0 II-VI common share for each Coherent common share, which implies a total enterprise value of $6.8 billion and total per share consideration of $272.68 based on the 10-day volume weighted average price of II-VI shares as of March 10, 2021.

II-VI said its revised proposal includes $4.8 billion of fully committed debt financing from J.P. Morgan Securities LLC and a $1.5 billion equity investment from Bain Capital.

II-VI continues to expect the transaction will be accretive to non-GAAP EPS in the second year following closing.