🔴 Lumentum is trading 5% down in pre-market as fixed-share offer leaves value tied to Marvell

Lumentum is trading 4.96% down at $646.43 in pre-market on November 4, as investors worry about Marvell’s all-stock acquisition. - Lumentum closed at $680.16 on November 3. Holders would receive a fixed 4.5 Marvell shares per share, exposing the offer’s value to Marvell’s stock price. - Reports also cite shareholder-vote and regulatory uncertainty. Announced November 2, the merger is expected to close in the first half of 2028, subject to approvals. - The broader chip sector is higher pre-market, so sector strength does not explain the decline.