Lumentum fell 18.59%, Marvell dropped 12.72%

Odaily reports: According to MSX.COM data, at the U.S. stock market close, Lumentum (LITE) fell 18.59%, with its share price temporarily at $684.40. Meanwhile, Marvell dropped 12.72%, with its share price temporarily at $171.41.

Earlier reports indicated that Marvell Technology (Marvell) and Lumentum reached a definitive agreement under which Marvell will acquire Lumentum through an all-stock transaction. Under the agreement, Lumentum shareholders will receive 4.5 shares of Marvell common stock for each share held. Upon completion of the transaction, existing Marvell shareholders will hold approximately 67% of the combined company, while Lumentum shareholders will hold approximately 33%. The transaction is expected to be completed in the first half of 2028, subject to approval by shareholders of both parties and regulatory authorities.