Stock Alert: Coherent Touches New High; Receives Buyout Proposal From MKS Instruments

(RTTNews) - Shares of laser manufacturer, Coherent, Inc. (COHR) are rising more than 15% Monday morning after the company said it has received an unsolicited buyout proposal from MKS Instruments.

According to the terms of the proposal from MKS, each common stock of Coherent would be exchanged for $115.00 in cash and 0.7473 of a share of MKS common stock.

On January 19, 2021, Coherent had announced its merger agreement with Lumentum Holdings Inc. As per the deal, each share of Coherent common stock would be exchanged for $100 in cash and 1.1851 shares of Lumentum common stock.

Coherent is planning to engage in discussions with MKS to gauge the benefits and risks compared to its proposed transaction with Lumentum.

"Notwithstanding its receipt of MKS' proposal and pending discussions between Coherent and MKS, Coherent's board of directors continues to recommend Coherent's merger agreement with Lumentum to its stockholders," the company said.

COHR touched a new high of $227.18 this morning before slipping to $222.51 currently.