Tuesday, March 23, 2021

Lumentum again raises bid for Coherent Inc.

On March 22, Lumentum increased its bid to acquire Coherent.

Under the terms of the revised proposal, Coherent stockholders would receive $230.00 per share in cash and 0.6724 shares of Lumentum common stock for each Coherent share they own. Based on Lumentum's closing stock price on March 22, 2021, this equates to a consideration of $287.50 per Coherent share.

Lumentum intends to finance the cash portion of the transaction through a combination of cash on hand from the combined company's balance sheet, $3.25 billion in new debt financing from a fully committed Term Loan B and the previously announced $1 billion equity investment from Silver Lake.