II‐VI’s and Coherent, have announced that II-VI has obtained antitrust clearance from the State Administration for Market Regulation of the People’s Republic of China (SAMR) for II-VI’s pending acquisition of Coherent. The clearance decision from SAMR satisfies the closing condition set forth in the previously announced merger agreement regarding the receipt of antitrust approvals. The deal was closed on July 1, 2022.
Under the terms of merger agreement, each share of Coherent common stock will be converted into the right to receive US$220.00 in cash and 0.91 of a share of II-VI common stock upon the completion of the transaction.
Allen & Company LLC and J.P. Morgan Securities LLC are acting as II-VI’s financial advisors, and Wachtell, Lipton, Rosen & Katz and K&L Gates LLP are serving as legal advisors to II-VI.
Bank of America and Credit Suisse are serving as financial advisors to Coherent, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as its legal advisor.
Approval follows a battle for the photonics manufacturer between II-VI and Lumentum, which was finally settled when Coherent’s board deemed II-VI’s cash and share offer to be ‘superior’ to Lumentum’s final bid in March 2021. Since then, II-VI and Coherent have been waiting for SAMR’s approval for the deal.
For more information, visit https://ii-vi.com