Summary
This Form 8-K filing by II-VI Incorporated (now Coherent Corp. following a later name change) reports on the completion of its acquisition of Photop Technologies, Inc. on January 4, 2010. The acquisition was structured as a merger where Photop became a wholly-owned subsidiary of II-VI. This strategic move signals II-VI's intent to expand its operations and market reach through inorganic growth. The total consideration for the acquisition amounted to approximately $76 million, comprising $45.6 million in cash and 1,146,000 shares of II-VI's common stock. Additionally, Photop shareholders are eligible for up to $12 million in earnout payments, contingent on Photop achieving certain future financial performance targets. Investors should note that the full financial statements and pro forma information related to this acquisition will be provided in a subsequent amendment to this filing.
Key Highlights
- 1II-VI Incorporated completed the acquisition of Photop Technologies, Inc. via merger on January 4, 2010.
- 2The transaction was structured with Photop becoming a wholly-owned subsidiary of II-VI.
- 3The total initial consideration was approximately $76 million, consisting of $45.6 million cash and 1,146,000 shares of II-VI common stock.
- 4An additional earnout of up to $12 million in cash is payable to Photop shareholders, contingent on future financial performance.
- 5The acquisition is expected to be a strategic move for II-VI's growth and market expansion.
- 6Full financial statements and pro forma information will be filed by amendment within 71 days.
- 7The filing includes the Merger Agreement as an exhibit, which details the terms of the transaction.