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<ul class="summary-list"><li><keyword id="4128165" type="PERSON" weightage="60" keywordseo="Coherent">Coherent</keyword>'s stock surged on Friday amid news of another buyout offer for the company.</li><li>II-VI offered $260 per share for Santa Clara-based laser maker in an offer worth $6.5 billion.</li><li>The deal represents a 24% premium over <keyword id="4462759" type="PERSON" weightage="60" keywordseo="lumentum">Lumentum</keyword>'s previous offer and a 9.8% premium over <keyword id="4810596" type="PERSON" weightage="60" keywordseo="mks-instruments">MKS Instruments</keyword>' proposal.</li></ul><a href="https://markets.businessinsider.com/stocks/cohr-stock">Coherent</a> stock surged as much as 16% on Friday after the electronic-components maker <keyword id="10753580" type="UNKNOWN" weightage="60" keywordseo="ii-vi-incorporated">II-VI Incorporated</keyword> offered $260 per share for the company in a buyout bid.Coherent had already been the target of multiple buyout offers prior to II-VI's proposal. First, there was a <a href="https://www.businessinsider.com/coherent-stock-skyrockets-lumentum-announces-multi-billion-acquisition-2021-1">$226 per share offer</a> from the San Jose, California-based <a href="https://markets.businessinsider.com/stocks/lite-stock">Lumentum</a>, and then just last week <a href="https://markets.businessinsider.com/stocks/mksi-stock">MKS Instruments</a> offered <a href="https://markets.businessinsider.com/news/stocks/mks-instruments-makes-superior-offer-to-acquire-coherent-1030055705">roughly $240 per share</a> for the company.II-VI Incorporated's proposal represents a 24.0% premium over the implied value of the Lumentum transaction and a 9.8% premium over the implied value of MKS Instruments' acquisition proposal.If Coherent accepts II-VI's offer the company's stockholders would receive $130 in cash and 1.3055 II-VI common shares for each Coherent share held.However, Coherent would also owe Lumentum a $217.6 million breakup fee if it decides to go with MKS Instruments' or II-VI's offers because it already accepted the Lumentum deal before receiving the new proposals.Read More: <a href="https://www.businessinsider.com/cannabis-stocks-to-buy-market-leaders-years-ahead-potx-etf-2021-2?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener noreferrer">These 3 cannabis stocks are 'poised to be market leaders' and have the infrastructure to grab up industry share when federal legalization happens in the US, according to an analyst for the top-performing ETF in the world this year</a>.Santa Clara-based Coherent is a global supplier of industrial and fiber laser solutions for commercial, industrial, scientific, academic, and government customers. Lumentum and MKS Instruments both have similar operations.II-VI on the other hand, makes engineered materials, optoelectronic components, and optical systems for clients in numerous industries. Dr. Vincent Mattera Jr., CEO of II-VI, said he believes the strategic combination of the Coherent and his business would produce strong results in a statement on Friday."The combination of II-VI and Coherent would create a uniquely strategic global leader capable of delivering to our customers the most attractive combination of photonic solutions, compound semiconductors, as well as laser technology and systems," said Dr. Vincent D. Mattera, Jr., Chief Executive Officer of II-VI."We believe now is the right time to embark on this combination given significant megatrends, with burgeoning applications in both industrial and semiconductor capital equipment segments, including those that enable consumer electronics and displays," the CEO added.II-VI Incorporated, known as "two-six", has some history with Coherent. In late December, Coherent <a href="https://www.prnewswire.com/news-releases/coherent-and-ii-vi-to-jointly-supply-turnkey-automotive-and-electrification-welding-solutions-301194181.html">entered into a supply agreement</a> with II-VI for automotive welding applications and the two worked together to offer customers a single point of contact for their services.Read More: <a href="https://www.businessinsider.com/stocks-to-buy-beaten-down-stock-picks-capitalize-reopening-barclays-2021-2?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener noreferrer">Barclays says buy these 33 beaten-down stocks that are perfectly poised to capitalize on the reopening of the economy in the years ahead</a>.Coherent's board responded to the unsolicited offer from II-IV in a <a href="https://www.coherent.com/company/press_release_page/coherent-confirms-receipt-of-unsolicited-proposal-from-ii-vi-incorporated">press release</a> saying:"Notwithstanding its receipt of MKS' proposal and II-VI's proposal, Coherent's board of directors continues to recommend Coherent's merger agreement with Lumentum to its stockholders. Coherent's board of directors is not modifying or withdrawing its recommendation with respect to the Lumentum merger agreement and the Lumentum merger at this time, or proposing to do so, and is not making any recommendation with respect to MKS' proposal or II-VI's proposal at this time."Coherent's stock has more than doubled in value over the past six months including a 58% rise over just the last month amid the multiple buyout bids.The rise in share prices comes despite falling revenue and EPS at the company. Coherent turned in annual revenues for 2020 of just $1.23 billion, down 13% from 2019's figures, <a href="https://investors.coherent.com/sec-filings">according to SEC filings</a>. And EPS fell 50% in 2020 to just $3.00 per share from $5.92 in 2019.Coherent traded up 14.23%, at $259.06, as of 11:57 a.m. EST on Friday.

Coherent surges 16% after electronic-components maker II-VI Incorporated offers $260 a share in buyout bid

<ul><li>Michael Burry invested a lot of money into the stock market last quarter, according to 13F filings.</li><li>The "Big Short" investor who has held a bearish tilt towards stocks initiated 17 new positions last quarter.</li><li>These are the top 10 stocks held by Burry's Scion Asset Management as of March 31.</li></ul>"Big Short" investor Michael Burry <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-sell-stock-market-outlook-inflation-recession-2023-2?utm_medium=ingest&amp;utm_source=markets">has been bearish on stocks</a> in recent months, but he still invested a lot of money into the market in the first three months of the year.According to a recent 13F filing, Burry last quarter initiated 17 new positions in his Scion Asset Management portfolio, which managed $238 million in assets as of March 31.Burry posted on Twitter on multiple occasions over the last few months that he had a bearish view on stocks. On January 31, Burry simply tweeted "Sell." But Burry has since seemingly changed his view, saying in late march <a href="https://markets.businessinsider.com/news/stocks/nasdaq-michael-burry-wrong-sell-dip-buyers-big-short-2023-3?utm_medium=ingest&amp;utm_source=markets">that he "was wrong to say sell."</a>His new outlook shows through in his portfolio, <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-scion-bank-stocks-first-republic-pacwest-2023-5">given the slew of new positions he opened last quarter,</a> including in struggling banks like First Republic, Pacific Western, and Western Alliance, among others.These are the top 10 stocks held by Burry's Scion Asset Management as of March 31.10. Coherent Corp.<div type="image" title="COHR stock" height="641" width="749" msid="100362070" hostid="261" sizebytes="14708"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/cohr-stock">COHR</a> Position: $4.8 million Percent of portfolio: 4.5%9. Cigna<div type="image" title="Cigna insurance" height="2004" width="4009" msid="100362071" hostid="261" sizebytes="965932"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/ci-stock">CI</a> Position: $6.4 million Percent of portfolio: 6.0%8. Liberty Latin America<div type="image" title="LILAK stock" height="685" width="749" msid="100362072" hostid="261" sizebytes="27390"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/lilak-stock">LILAK</a> Position: $6.6 million Percent of portfolio: 6.2%7. Sibayne Stillwater<div type="image" title="Russian gold is still flowing to Switzerland at two-year highs" height="2612" width="5224" msid="100362074" hostid="261" sizebytes="313960"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/sbsw-stock">SBSW</a> Position: $6.7 million Percent of portfolio: 6.2%6. Capital One Financial<div type="image" title="capital one financial" height="2184" width="4368" msid="100362075" hostid="261" sizebytes="184610"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/cof-stock">COF</a> Position: $7.2 million Percent of portfolio: 6.7%5. Zoom Video<div type="image" title="Zoom app seen displayed on a smartphone screen and a Zoom Desktop on a laptop in the background." height="2499" width="5000" msid="100362076" hostid="261" sizebytes="524068"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/zm-stock">ZM</a> Position: $7.4 million Percent of portfolio: 6.9%4. New York Community Bancorp<div type="image" title="NYCB stock" height="639" width="748" msid="100362078" hostid="261" sizebytes="20792"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/nycb-stock">NYCB</a> Position: $7.7 million Percent of portfolio: 7.2%3. Signet Jewelers<div type="image" title="Kay Jewelers" height="999" width="1999" msid="100362080" hostid="261" sizebytes="91352"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/sig-stock">SIG</a> Position: $9.7 million Percent of portfolio: 9.1%2. Alibaba<div type="image" title="A scene of AI technology and digital smart Life at the Booth of Alibaba and Ant Group at the World Intelligence Congress in Shanghai, China, in July 2021." height="1000" width="2000" msid="100362081" hostid="261" sizebytes="111872"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/baba-stock">BABA</a> Position: $10.2 million Percent of portfolio: 9.6%1. JD.com<div type="image" title="JD.com" height="2792" width="5585" msid="100362082" hostid="261" sizebytes="2402930"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/jd-stock">JD</a> Position: $10.9 million Percent of portfolio: 10.3%

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Coherent surges 16% after electronic-components maker II-VI Incorporated offers $260 a share in buyout bid

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