Press release
Lumentum Announces Revised Proposal for Coherent
SAN JOSE, Calif., March 23, 2021 /PRNewswire/ -- Lumentum Holdings Inc. ("Lumentum") today confirmed that on March 22, 2021, it delivered to Coherent, Inc.'s
About this update from Lumentum Holdings Inc.
[{"type":"text","content":"SAN JOSE, Calif., March 23, 2021 /PRNewswire/ -- Lumentum Holdings Inc. (\"Lumentum\") today confirmed that on March 22, 2021, it delivered to Coherent, Inc.'s (Nasdaq: COHR) Board of Directors a revised proposal to acquire Coherent in a cash and stock transaction.\nUnder 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. To provide Coherent's Board with adequate time to evaluate the proposal, the revised proposal will remain open until 11:59 p.m. Pacific Time on Wednesday, March 24, 2021.\nLumentum's Board of Directors continues to recommend the transaction with Coherent to its stockholders.\nTransaction Terms, Financing, Governance and Approvals\nLumentum 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. \nThe waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (\"HSR Act\"), expired on March 3, 2021 with respect to the proposed acquisition of Coherent. The expiration of the waiting period under the HSR Act satisfies one of the conditions to the closing of the pending transaction. The transaction is expected to close in the second half of calendar year 2021, subject to approval by Lumentum's and Coherent's stockholders, receipt of remaining regulatory approvals and other customary closing conditions.\nAdvisors\nDeutsche Bank is serving as the exclusive financial advisor and sole bookrunner on the committed debt financing to Lumentum and Wilson Sonsini Goodrich & Rosati is serving as legal advisor. \nAbout Lumentum\nLumentum (NASDAQ: LITE) is a major designer and manufacturer of innovative optical and photonic products enabling optical networking and laser applications worldwide. Lumentum optical components and subsystems are part of virtually every type of telecom, enterprise, and data center network. Lumentum lasers enable advanced manufacturing techniques and diverse applications including next-generation 3D sensing ca...