The bidding war to acquire laser company Coherent shows no sign of abating, with Lumentum responding to II-VI’s latest offer with another increased bid of its own.

Latest bid now includes $1 billion in support from investor Silver Lake.

Estimated to be worth $6.9 billion – slightly higher than II-VI’s latest offer – the new Lumentum deal would see $220 in cash and 0.61 Lumentum shares exchanged for each Coherent share.

Although Coherent has acknowledged receipt of the latest revised offer from Lumentum, the Santa Clara firm says its board of directors will carefully evaluate it before deciding whether to recommend it over the II-VI bid.

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