Shares of communications semiconductor giant Marvell Technology (NASDAQ:MRVL) plunged 10% as of 12:54 p.m. EDT, after the company announced that it had agreed to purchase optical laser leader Lumentum (NASDAQ:LITE). The deal is all-stock, and Marvell will be purchasing Lumentum at roughly a $115 billion valuation, or a 24% premium. While not an egregious premium, Lumentum's stock had already rocketed higher over the past two years, with Marvell's purchase price representing more than five times Lumentum's share price just one year ago. So, investors fear Marvell may be paying a steep price for the asset.
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