Zygo Corp., a Middlefield supplier of optical metrology instruments, said it received an unsolicited $10 per share offer from II-VI Inc representing a 35.5 percent premium to the stock’s Wednesday close, Reuters reports.
Shares of Zygo were up 45 percent to $10.70 at mid-afternoon, suggesting that investors are expecting a higher bid, Reuters said.
II-VI’s cash-or-stock offer values Zygo at about $170 million, based on about 17 million shares outstanding as on Sept. 30, 2009.
Zygo plans to hire an independent financial advisor to evaluate the proposal, it said in a statement.
The company also said it is in the late stages of implementing a substantial reorganization of its business.
Last year, Zygo had ended an agreement with Electro Scientific Industries Inc (ESIO.O), which had offered about $173.5 million for the company.
