II-VI Ups Ante in Laser Power Tug-of-War
PITTSBURGH, June 21 -- II-VI Inc. has once again countered Union Miniere's bid to purchase Laser Power Corp. II-VI's offer now stands at .052 shares of its common stock and $2.89 in cash for each share of Laser Power stock. In addition, II-VI has increased its floor price to $5.15 per share. This is up from last week's cash offer of $2.32 per share and a floor price of $4.40. The new offer has a value of $5.36 per share based on the market price of II-VI common stock ended June 19.
We were surprised that Laser Power's Board so quickly concluded that Union Miniere's offer of $4.40 per share was superior to our prior offer, which had a value of $4.61 per share based on the closing market price of II-VI common stock as of last Friday, said Fran Kramer, president and COO of II-VI.
II-VI's new offer presents a notable premium over Union Miniere's offer of $4.40 per share. II-VI's floor price will be paid in cash and/or II-VI stock, at its election, if the volume weighted average trading price of II-VI stock is less than $43.46 per share for the 12 trading days prior to the closing of the exchange offer. II-VI's offer has a ceiling of $5.65, the company said.
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