Lumentum raises Coherent buyout offer to $7 bln

Optical fiber firm Lumentum Holdings Inc said on Tuesday it has raised its buyout offer for Coherent Inc to about $7 billion, the latest in a three-way battle for the laser maker.

Lumentum had previously raised the offer to $6.9 billion on March 17, following which optical components maker II-VI Inc said it would pay $7 billion to acquire Coherent.

Under the revised offer, Coherent shareholders would receive $230 in cash and 0.6724 of a Lumentum share for each share they own.