Coherent agrees to cash-and-stock deal from II-IV

Laser technology company Coherent
COHR,
-0.18%

said Thursday that it has agreed to a cash-and-stock buyout deal from engineered materials and optoelectronic components maker II-VI
IIVI,
2.14%
.
The agreement comes even after Lumentum Holdings Inc.
LITE,
-4.24%

had countered earlier this week with a slightly higher bid. Under terms of the deal II-VI, each share of Coherent common stock will be exchanged for $220 in cash and 0.91 of a share of II-VI stock at the deal’s completion, expected in the fourth quarter of 2021. In doing so, Coherent said it will terminate a March 9, 2021 agreement with Lumentum
LITE,
-4.24%
,
paying the maker of optical and photonic products a $217.6 million fee. Lumentum was offering $230 in cash and 0.6724 Lumentum shares for each Coherent share. Coherent’s board of directors said it determined that the II-VI bid continues to be a “company superior proposal.” The deal will be subject to regulatory approval and agreement by both companies’ shareholders.