Marvell (NASDAQ:MRVL) stock fell 13% on Thursday when word of a Lumentum (NASDAQ:LITE) takeover leaked, and the official terms, announced Monday, show what holders are paying. Marvell, which designs chips for data infrastructure, agreed to buy the optical-parts maker for about $115 billion in an all-stock deal, handing Lumentum's owners about a third of the combined company. Lumentum shareholders will receive 4.5 Marvell shares for each Lumentum share, or about $1,132 a share, a premium of about 23.9% to the October 28 closing prices, the last trading day before deal speculation began. After closing, current Marvell holders will own about 67% of the combined company on a fully diluted basis, and Lumentum holders about 33%. So that's roughly a third of the ownership handed over. In the meantime, the deal is not expected to close until the first half of 2028, and it needs approval from both companies' shareholders and from regulators. Both boards approved it unanimously. Image source: Getty Images.
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