Coherent Inc. COHR, +15.74% announced Monday that it received an unsolicited cash-and-stock buyout bid from MKS Instruments Inc. MKSI, -6.22%, that would value the laser technology company at about $5.78 billion. That compares with the buyout agreement Coherent had entered into on Jan. 19 with Lumentum Holdings Inc. LITE, +1.35%, in a deal which at the time was valued at $5.7 billion. Coherent said it is evaluating MKS’s proposal, and has not yet determined whether the deal is superior to the Lumentum agreement. Coherent’s stock was inactive prior to a trading halt for news, which is scheduled to be lifted at 9:50 a.m. Eastern. MKS’s stock fell 2.2% in premarket trading, while Lumentum shares rose 3.1%. Over the past three months, Coherent’s stock has run up 42.1%, while MKS shares have gained 27.3%, Lumentum’s stock has edged up 0.1% and the S&P 500 SPX, +0.52% has gained 10.8%.
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