A multi-million dollar deal spurred shares of industrial laser maker Rofin-Sinar Technologies to skyrocket.
Rofin-Sinar’s shares were up 37% to $31.39 on Thursday amid news that another laser business, Coherent, plans to purchase the company for $942 million. The acquisition, announced on Wednesday, is slated to close within six to nine months.
Santa Clara-based Coherent, listed as one of Coins2Day’s fastest growing companies in 2012, is the larger of the two laser companies and brought in $802.5 million in sales in 2015. Rofin-Sinar, on the other hand, took in $519.6 million last year. It has corporate headquarters in both Plymouth, Mich. And Hamburg, Germany.
“The addition of ROFIN’s complementary portfolio will build on Coherent’s capabilities as a world leader in laser and photonics-based technology and solutions and create meaningful value for our stockholders,” said Coherent CEO John Ambroseo in a statement.
Get Data Sheet, Coins2Day ’s technology newsletter.
Rofin-Sinar has been fending off London-based activist investor SilverArrow Capital Advisors in a proxy battle over the last year. SilverArrow Capital claimed on numerous occasions that Rofin-Sinar’s board and executive team mismanaged the company, and the firm recently urged shareholders to elect three SilverArrow nominees to the board.
In a statement last month, SilverArrow said that Rofin-Sinar “has failed to integrate acquisitions and allowed business units to effectively run as their own little companies, failing to yield any economies of scale.”
For more about the stock market, watch:
On Monday, SilverArrow accused Rofin-Sinar of failing to disclose to its shareholders that one of its former senior employees was involved in an embezzlement case.
Based on the latest stock uptick, Rofin-Sinar shareholders appear to be pleased that an acquisition could put an end to the proxy fight.
