Coherent Inc said on Monday it had received a $6 billion takeover offer from manufacturing devices maker MKS Instruments Inc, weeks after the laser manufacturer agreed to a deal from Lumentum Holdings.
Its cash-and-stock offer values Coherent shares at $240 apiece, representing a premium of about 24% to the stock’s Friday close.
MKS said its offer represents a premium of 16% to Lumentum’s proposal and includes a cash component of $115 compared to $100 in Lumentum’s offer.The company also said it expects $180 million in cost savings within three years after the deal closes.
Last month, optical fiber specialist Lumentum Holdings Inc agreed to a $5.7 billion deal with Coherent where the company’s stockholders were to receive $100 per share in cash and 1.1851 shares of Lumentum common stock for each share held.
Read more at: Reuters
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