M&A · Tech · Laboratory Analytical Instruments
II-VI Inc to acquire Coherent Inc
Announced Feb 12, 2021 · Closed Jul 1, 2022
Deal value$6.88BEV $6.81B
Premium—To unaffected price
EV / Adj. EBITDA—5.5x EV / Revenue
ConsiderationCash and stock$281.21 per share
Transaction
- Acquirer
- II-VI Inc (IIVI)
- Target
- Coherent Inc (COHR)
- Buyer type
- Strategic
- Offer price per share
- $281.21
- Enterprise value
- $6.81B
- Status
- Closed Jul 1, 2022
Deal protections
- Break fee (target pays)
- $109M · 1.6%
- Reverse fee (buyer pays)
- $500M · 7.3%
- Go-shop
- No-shop
- Financing
- Committed · JPMorgan, Citigroup, MUFG, HSBC, Mizuho, BMO Capital Markets
Advisors
- To the acquirer
- Allen & Company, JPMorgan
- To the target
- BofA Securities, Credit Suisse
- Credit Suisse fee
- $17.0M
- JPMorgan fee
- $12.0M
Sector context · Tech
- Comparable deals
- 20 in the prior 24 months
- Premium
- Sector median 33.3%
- EV / Adj. EBITDA
- Sector median 17.3x
- Break fee
- 1.6% vs. 3.0% sector median
Timeline
- AnnouncedFeb 12, 2021
- Proxy filedMay 6, 2021
- Definitive proxyMay 6, 2021
- Shareholder voteJun 24, 2021
- ClosedJul 1, 2022
Valuation · fairness opinions
Trading comparablesBofA Securities$101.75$137.50
Trading comparablesBofA Securities$81.25$120.75
Trading comparablesBofA Securities$151.75$203.75
Trading comparablesBofA Securities$128.25$192.50
Trading comparablesBofA Securities$88.25$119.75
Trading comparablesCredit Suisse$93.58$128.57
Trading comparablesCredit Suisse$136.83$196.29
Precedent transactionsCredit Suisse$110.69$137.51
Precedent transactionsCredit Suisse$181.45$225.97
Discounted cash flowCredit Suisse$163.89$209.68
Offer $281.21
Implied value per Coherent Inc share by analysis, from BofA Securities and Credit Suisse · DCF discount rate 8.5%–11.5%.