8-KOther EventsExhibits & Filings

COHERENT CORP. 8-K Report, Corporate Update (Jun 9, 2016)

Filed June 9, 2016For Securities:COHR

Summary

II-VI Incorporated (now Coherent Corp.) filed an 8-K on June 9, 2016, to disclose updates provided in an investor presentation for the Citi Technology Conference. The key event reported is the sale of certain Radio Frequency (RF) assets for $45 million in cash at closing. This divestiture excludes the wafer fab previously acquired from Anadigics. The deal also includes a $5 million earn-out provision over 18 months, alongside multi-year support and supply agreements with the buyer.

Key Highlights

  • 1II-VI Incorporated (now Coherent Corp.) divested certain RF assets.
  • 2The sale generated $45 million in cash at closing.
  • 3An additional $5 million earn-out is possible over 18 months.
  • 4The transaction includes multi-year support and supply agreements.
  • 5The wafer fab acquired from Anadigics in March 2016 was NOT part of this sale.
  • 6The information was presented at the Citi Technology Conference on June 9, 2016.
  • 7This 8-K filing was primarily for informational purposes, with no incorporation by reference into other filings.

Frequently Asked Questions

The primary purpose of this 8-K filing was to inform investors about an update to II-VI Incorporated's (now Coherent Corp.) investor presentation. This presentation included details about the divestiture of certain RF assets.

Certain RF assets were sold for $45 million in cash at closing. An additional $5 million earn-out is contingent over 18 months. Importantly, the wafer fab formerly owned by Anadigics, acquired by II-VI in March 2016, was not part of this sale.

Yes, the transaction includes various support and multi-year supply agreements with the purchaser, indicating an ongoing business relationship beyond the asset sale.

This transaction involves the sale of 'certain RF assets' and explicitly states that it does NOT include the wafer fab formerly owned by Anadigics, which II-VI acquired in March 2016. Therefore, it appears to be a partial divestiture of assets that may have come from or related to the Anadigics acquisition, rather than a reversal of the entire acquisition.