Lumentum and Marvell Shares Fall, Deal Discount Widens to 15.2%

Lumentum fell 18.68% and Marvell slid 16.43% in Thursday’s U.S. session, widening the discount on Lumentum shares to the all-stock deal value and leaving a 15.19% gap.

Lumentum closed at $509.70 while Marvell ended at $133.55. Under their merger agreement, each Lumentum share is to convert into 4.5 Marvell shares, putting the implied exchange value at $600.98 per Lumentum share at Marvell’s close. The gap had been 12.84%, and widened by 2.35 percentage points.

A separate snapshot of contracts showed LITE at $535.74 and MRVL at $140.56. Applying the 4.5-for-one ratio to Marvell’s contract price gives an implied $632.52 for each LITE contract, leaving LITE about $96.78, or roughly 15.3%, below that reference value. The contracts had combined 24-hour trading volume of about $93.73 million.

Because the transaction consideration is in Marvell shares, its dollar value for Lumentum holders moves with MRVL. The 15.19% figure comes from the U.S. closing prices; the contract snapshot is a separate reference. Marvell plans to acquire Lumentum through an all-stock transaction, with closing expected in the first half of 2028.