Marvell Paid in Stock. The Stock Repriced the Deal.
On 2 November 2026 Marvell Technology agreed to acquire Lumentum in an all-stock deal with an implied enterprise value of $115 billion, exchanging 4.5 Marvell shares per Lumentum share at a 23.9% premium to the 28 October unaffected close; Marvell closed down 12.72% and Lumentum down 18.59%, cutting the offer’s paper value by roughly a third before the deal was a day old.
Marvell spent Monday morning describing a category it had just bought. The market spent Monday afternoon repricing the currency it had paid with.
