II-VI offers $169.9 million buyout of Zygo

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PITTSBURGH (AP) — Industrial and military components company II-VI Inc. said Thursday it offered to buy Zygo Corp. for about $169.9 million in an unsolicited bid.

Zygo makes optical components and fiber optic network modules.

The $10 per share offer amounts to a 36 percent premium to Zygo’s Wednesday closing price of $7.38.

II-VI made the offer early Thursday morning.

Shares of Zygo rose $3.34, or 45.3 percent, to close at $10.72 Thursday.