Business & Markets
Mergers
Marvell will pay 4.5 of its own shares for each Lumentum share, a $115 billion all-stock deal, and both stocks fell in early trading.
Marvell Technology agreed on November 2 to buy optical-components maker Lumentum for $115 billion including debt, with Lumentum equity valued at about $102.5 billion. Holders get 4.5 Marvell shares each, about $1,132 per share and a 23.9 percent premium to the October 29 close. Marvell holders would own about 67 percent of the combined company. Lumentum fell about 10 percent and Marvell about 5 percent in early Monday trading. Later reports put the drops nearer 6 and 3 percent.