Shares of Coherent Inc. COHR, +2.09% soared 14.2% toward a 3-year high in premarket trading Friday, after II-VI Inc. IIVI, +5.49% made a $260-a-share cash-and-stock buyout bid for the laser technology company. With 24.45 million shares outstanding as of Feb. 8, the bid values Coherent at about $6.36 billion. Under terms of II-VI’s bid, Coherent shareholders would receive $130 in cash and 1.3055 II-VI shares for each Coherent share they own. The Wall Street Journal had reported earlier that a bid was likely, as soon as Friday. That bid would top the unsolicited bid made by MKS Instruments Inc. MKSI, +7.27% earlier this week that would value Coherent at about $5.8 billion, and the buyout agreement Coherent has already entered into with Lumentum Holdings Inc. LITE, +4.32% that valued the company at the time at $5.7 billion. Shares of II-VI dropped 6.6% ahead of the open, while MKS’s stock edged up 0.6% and Lumentum shares climbed 1.6%. In comparison, futures ES00, -0.14% for the S&P 500 SPX, +0.17% fell 0.2%.
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