In March 2021, II-VI (IIVI), a laser manufacturer, won a bidding war for Coherent (COHR), offering $220 cash and .91 shares for each of Coherent’s shares. In its latest 10-Q, II-VI inserted new language indicating the close of the deal had slipped for a third time:

“... II-VI anticipates that the Merger will be completed by the middle of the second calendar quarter of 2022.”

This is at least 45-days later than II-VI last predicted. In its annual report filed in October 2021, II-VI revealed it was no longer confident the deal will close at the beginning of the first quarter 2022 as it told investors in May. This second delay extended the deal closure timeline by at least ninety days:

“...II-VI expects that the Merger will be completed by the end of the first calendar quarter of 2022.”

Originally, II-VI said the deal would close within nine months, by year-end 2021. We first detailed II-VI’s acquisition timeline changes in August. The company is waiting on China’s blessing of the deal.

II-VI’s short interest now tops 17% and Coherent’s is approximately 11.5%.