March 8 (Reuters) - Laser maker Coherent said on Monday it has determined optical components maker II-VI Inc’s revised buyout offer valued at $6.2 billion superior to Lumentum Holdings’ proposal, signaling a possible end to the bidding war.
Under the revised terms of II-VI’s offer, Coherent stockholders will receive a higher cash component of $170 and 1.0981 shares of II-VI common stock per share at the completion of the transaction.
II-VI had offered to pay $6.4 billion in a cash-and-stock deal in February, but with a lower cash component.
Coherent also said it intends to terminate its merger agreement with Lumentum if they do not receive a revised proposal from Lumentum by March 11.
Coherent had earlier agreed to a $5.7 billion deal with Lumentum in January, and weeks later received a $6 billion rival offer from MKS Instruments.
Under the terms of Lumentum’s proposal, each share of Coherent common stock would be exchanged for $175 in cash and 1.0109 shares of Lumentum common stock, but also had a higher termination fee in case the deal didn’t go through.
Bank of America and Credit Suisse are serving as financial advisers to Coherent, while Skadden, Arps, Slate, Meagher & Flom LLP are serving as legal advisers. (Reporting by Eva Mathews in Bengaluru; Editing by Krishna Chandra Eluri)
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