Coherent Corp. (NYSE:COHR) dropped 1.8% on Thursday after Bain Capital put forward another sizable share sale, marking the private equity firm’s third attempt in just over a month to trim its position in the laser systems manufacturer.
According to Bloomberg News, citing sources familiar with the deal, Goldman Sachs Group Inc. (NYSE:GS) is marketing 5 million Coherent shares owned by Bain Capital at a range of $190.75 to $197.45 each. That price implies a discount of as much as 3.4% compared with Wednesday’s closing level of $197.45.
A filing with the Securities and Exchange Commission by BCPE Watson (DE) BML, LP confirmed the offering, which could total up to $987.3 million. The move adds to a series of stake reductions by Bain Capital, signaling a continued unwind of its investment in Coherent.
The latest sale comes amid heightened trading in Coherent’s stock as major holders reposition. This unregistered block transaction follows two similar deals executed recently, reinforcing speculation that Bain Capital is strategically stepping back from the company.
Coherent, known for producing lasers and precision optical equipment, has seen its shares fluctuate as institutional investors rotate their holdings. The market’s reaction on Thursday suggested concern that another large block hitting the market could put additional downward pressure on the stock.