Coherent Inc. (NASDAQ: COHR) declared Thursday that its board has decided to accept the buying plan of II-VI (NASDAQ: IIVI). The firm disclosed that its board of directors has discussed the offer with their legal advisors and reached the decision that the offer of II-VI Incorporated is of high value.

Coherent has inked a deal with IIVI on the conditions of the March 17, 2021 offer. As per the deal, each share of Coherent common share will be traded for $220.00 in cash and 0.91 of a share of II-VI common share at the execution of the deal. Shares of Coherent went up 0.92% as it gained +2.36 at $260.00 during the pre-market trading session of Thursday.

The deal with II-VI is dependent on the authorization by the stockholders of Coherent and II-VI, receipt of U.S. and foreign monitoring authorization, and other typical execution conditions. The deal is anticipated to conclude in the fourth quarter of 2021.

Furthermore, the firm has also disclosed that it has ended the March 9, 2021 merger deal between Coherent and Lumentum (NASDAQ: LITE). The COHR has also decided to pay Lumentum the $217.6 million ending fee planned by their merger deal to ink a new merger deal with II-VI.