Clinton Township-based II-VI has revised its $6.5 billion proposal to acquire Coherent Inc. of Santa Clara, Calif., after the latter deemed the revised version superior to the bid of another company looking to acquire the company.

Under the proposal announced in early February, Coherent’s stockholders would receive $130 in cash and 1.3 shares of common II-VI stock for each Coherent share.

In the revised agreement, Coherent’s shareholders would receive $170 in cash and about two common shares of II-VI stock for each Coherent share.

The acquisition amount would remain at $6.5 billion, although the revised proposal includes multiple enhancements, including debt financing and a $1.5 billion equity investment.

II-VI officials expect the combined companies to achieve annual cost savings of $250 million because of increased efficiencies should the acquisition be finalized.