II-VI – Coherent deal approved by Chinese regulator

Created July 2, 2022
News and Business

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


This article was written
by Peter Dykes

Peter Dykes is a independent telecoms and technology journalist who has over that last 30 years written for a wide range of B2B publications and companies. A former BT engineer, he specialises in networks and associated support systems. He is currently Editor of Optical Connections.