II-VI makes bid on Calif. firm
A Clinton Township company is waiting to hear whether an offer it made to buy a California company will be chosen over two other purchase proposals.
II-VI, which produces engineered materials and optoelectronic components, recently announced its offer to acquire Coherent, a global laser technology leader based in Santa Clara, Calif.
In the $6.5 billion bid, Coherent's shareholders would receive $130 in cash and 1.3 shares of common II-VI stock for each Coherent share.
Two other companies have pitched their bids to Coherent, whose board of directors is now considering the offers.
“The combination of II-VI and Coherent would create a uniquely strategic global leader capable of delivering to our customers the most attractive combination of photonic solutions, compound semiconductors as well as laser technology and systems,” said Vincent D. Mattera Jr., CEO at II-VI.
“We believe now is the right time to embark on this combination given significant megatrends, with burgeoning applications in both industrial and semiconductor capital equipment segments, including those that enable consumer electronics and displays,” Mattera said.
If the II-VI offer is accepted, Coherent stockholders would own about 23% of the combined company. The transaction would also include adding two board members from Coherent to the II-VI board of directors.
Mattera said he expects an answer from Coherent in the near future.
