Marvell deal value discount widens after Lumentum bid

Marvell Technology agreed to acquire Lumentum Holdings in an all-stock transaction valued at an enterprise value of $115 billion. The deal terms involve Lumentum shares converting into Marvell shares at a fixed ratio with no cash element, but subsequent declines in Marvell's stock have pushed the offer value below its headline figure and created a wide merger arbitrage spread. Open article →