News: Optoelectronics
25 June 2021
II-VI’s shareholder and Coherent’s stockholders approve merger
Engineered materials and optoelectronic component maker II-VI Inc of Saxonburg, PA, USA and Coherent Inc of Santa Clara, CA (which provides lasers and laser-based technology for scientific, commercial and industrial applications) says that special meetings of II-VI’s shareholders and Coherent’s stockholders have each yielded overwhelming votes to adopt and approve, as applicable, all proposals relating to the agreement (announced in late March) for II-VI to acquire Coherent.
About 99% of the votes cast at II-VI’s special meeting voted to approve the proposal to issue shares of II-VI common stock, and about 99% of the shares of Coherent common stock voting at Coherent’s special meeting voted to approve the proposal to adopt the merger agreement.
The business combination “will create a diversified global leader in engineered materials, photonics and electronics, gaining greater exposure to irreversible market megatrends,” says II-VI’s CEO Dr Vincent D. Mattera Jr. “Together, we will be able to leverage our disruptive technology platforms and complementary scale to address a broader customer base around the globe and drive continued growth and innovation, while gaining deeper market insights from our combined businesses to better inform our strategic investments and decisions,” he adds.
“The combination of II-VI and Coherent will provide compelling benefits to our customers, create more opportunities for our team members to continue to develop innovative new products and solutions, and deliver significant value for our stockholders,” reckons Coherent’s president & CEO Andy Mattes.
Following approval from their respective shareholders and stockholders, the companies believe that (subject to the completion of customary closing conditions, including the receipt of required regulatory approvals) the transaction is on track to close by year-end 2021 or at the beginning of first-quarter 2022.
