II-VI increased its offer to acquire Coherent Inc. to top the revised proposal from Lumentum on March 17th.
Under the terms of the revised II-VI proposal, Coherent’s shareholders would receive $220.00 in cash and 0.91 of a share of II-VI common stock for each Coherent share, which implies a total per share value of $287.18 based on the 10-day volume weighted average price (VWAP) of II-VI common stock, ending March 16, 2021. II-VI continues to expect the transaction to be accretive to non-GAAP EPS in the second year following closing.
II-VI’s revised proposal includes $5.4 billion of fully committed debt financing from J.P. Morgan Securities LLC and a $1.5 billion equity investment from Bain Capital. Bain has expressed an interest in making an additional equity investment of up to $650 million on the same terms to reduce leverage. The conversion price of Bain’s entire equity investment is $85.00 per share.
https://ii-vi.com/ii-vi-incorporated-confirms-revised-proposal-to-acquire-coherent-2/
