Laser technology company Coherent said Thursday that it has agreed to a cash-and-stock buyout deal from engineered materials and optoelectronic components maker II-VI . The agreement comes even after Lumentum Holdings Inc. had countered earlier this week with a slightly higher bid. Under terms of the deal II-VI, each share of Coherent common stock will be exchanged for $220 in cash and 0.91 of a share of II-VI stock at the deal’s completion, expected in the fourth quarter of 2021. In doing so, Coherent said it will terminate a March 9, 2021 agreement with Lumentum , paying the maker of optical and photonic products a $217.6 million fee. Lumentum was offering $230 in cash and 0.6724 Lumentum shares for each Coherent share. Coherent’s board of directors said it determined that the II-VI bid continues to be a “company superior proposal.” The deal will be subject to regulatory approval and agreement by both companies’ shareholders.

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