Coherent Inc.
COHR,
+14.51%
announced Monday that it received an unsolicited cash-and-stock buyout bid from MKS Instruments Inc.
MKSI,
-5.88%,
that would value the laser technology company at about $5.78 billion. That compares with the buyout agreement Coherent had entered into on Jan. 19 with Lumentum Holdings Inc.
LITE,
+1.67%,
in a deal which at the time was valued at $5.7 billion. Coherent said it is evaluating MKS's proposal, and has not yet determined whether the deal is superior to the Lumentum agreement. Coherent's stock was inactive prior to a trading halt for news, which is scheduled to be lifted at 9:50 a.m. Eastern. MKS's stock fell 2.2% in premarket trading, while Lumentum shares rose 3.1%. Over the past three months, Coherent's stock has run up 42.1%, while MKS shares have gained 27.3%, Lumentum's stock has edged up 0.1% and the S&P 500
SPX,
+0.49%
has gained 10.8%.