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Lumentum Press Releases Confirms Revised Proposal for Coherent Valued at $275/Share in Cash and Stock

Lumentum Holdings Inc. (NASDAQ: LITE) today confirmed that on March 17, 2021, it delivered to Coherent, Inc.'s (NASDAQ: COHR) Board of Directors a revised proposal to acquire Coherent in a cash and stock transaction valued at $6.9 billion.

· 03/17/2021 05:18
Lumentum Holdings Inc. (NASDAQ:LITE) today confirmed that on March 17, 2021, it delivered to Coherent, Inc.'s (NASDAQ:COHR) Board of Directors a revised proposal to acquire Coherent in a cash and stock transaction valued at $6.9 billion. Under the terms of the revised proposal, Coherent stockholders would receive $220.00 per share in cash and 0.6100 shares of Lumentum common stock for each Coherent share they own. Using Lumentum's closing stock price as of March 16, 2021, this equates to a consideration of $275.00 per Coherent share. As part of Lumentum's revised proposal, Silver Lake, the global leader in technology investing, will make a $1 billion equity investment in the combined company. "Our Board of Directors remains steadfast in our belief that the combination of Lumentum and Coherent will create a diversified industry leader best positioned to accelerate the future of photonics," said Alan Lowe, Lumentum President and CEO. "Based on additional work, we are confident that we can meaningfully exceed our prior synergy estimates and have identified an estimated $219 million to $244 million of annual run-rate synergies. We are pleased to now pursue this combination with the support of Silver Lake, whose investment is a compelling indicator of the power of this transformative opportunity. We look forward to combining the talented teams at Coherent and Lumentum at a time when global markets are increasingly relying on photonics products and technologies." "We are very familiar with Lumentum and Coherent and have a clear line of sight into the unique breadth of opportunity created by this combination," said Ken Hao, Chairman and Managing Partner, Silver Lake. "We believe strongly in the potential of the increased scale, expanded portfolio, and bolstered capabilities of the proposed combination and look forward to supporting Alan and the management team as investors and a member of the Board." Lumentum's Board of Directors continues to recommend the transaction with Coherent to its stockholders.