Shares of Coherent Inc. COHR, +3.26% rallied 5.1% in premarket trading Thursday, after the laser technology company received yet another higher buyout bid from II-VI Inc. IIVI, +2.21%, which Coherent determined is “superior” to the agreed upon bid from Lumentum Holdings Inc. LITE, -1.95%. Under terms of the new II-VI bid, Coherent shareholders would receive $220 in cash and 0.91 II-VI shares for each Coherent share they own. Based on Wednesday’s stock closing prices, the deal values Coherent shares at $286.785, valuing Coherent at $7.01 billion. On Wednesday, Lumentum had increased its bid to the equivalent of $275 a share in a deal valued at $6.9 billion. II-VI has come back with no less than four revised bids to top Lumentum bids. The original deal between Lumentum and Coherent announced in January was valued at $5.7 billion. Lumentum has until 11:59 p.m. Pacific on March 22 to respond, or the agreed on deal will be terminated. Lumentum noted that the deal with Coherent includes a $217.6 million termination fee. Lumentum shares shed 6.1% ahead of the open and II-VI’s stock declined 1.6%, while futures ES00, -0.70% for the S&P 500 SPX, +0.29% slipped 0.5%.
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