Coherent Stock Surges Following New Buyout Offer From MKS Instruments
Shares of Coherent (NASDAQ: COHR) surged on Monday following the announcement that it had received an unsolicited acquisition bid from MKS Instruments (NASDAQ: MKSI). The industrial laser technology company confirmed in a press release that it had received an offer that would see each share of its stock exchanged for $115 in cash and nearly three-quarters of a share of MKS stock.
The market clearly likes the offer, and it could beat a previous buyout bid from Lumentum Holdings (NASDAQ: LITE). Coherent's board of directors didn't commit to withdrawing its recommendation of the proposed Lumentum deal, but interest in the new offer is clear, and the stock jumped double digits on the news.
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Source Fool.com
