Marvell's $1,132 Lumentum price is 4.5 Marvell shares. By signing, they were worth $883.80
Marvell agreed on Nov. 1 to buy Lumentum for Marvell stock, a deal the companies value at $115 billion. Lumentum holders get a fixed number of Marvell shares, which fell 22% in the two trading days before the announcement.
KeyVex News··5 min readFact-checked against 4 public recordsKeyVex News··5 min readFact-checked against 4 public records
LITE$840.70▼ 8.6%Close, Oct. 30. Prices from Tiingo.The short versionTap to readTap to close
- In a cash deal, the buyer names a price and pays it. Here Marvell pays in its own shares: 4.5 for each Lumentum share, a number the merger agreement fixes.
- The companies' price, about $1,132 a share, is those shares at Marvell's Oct. 28 close. At the Oct. 30 close, the same shares were worth $883.80.
- That is less than Lumentum's own Oct. 28 close of $913.95, the price the companies measure their 23.9% premium from.
- That means the payout rises and falls with Marvell's stock until closing, expected in the first half of 2028. The agreement changes the 4.5 only for events like stock splits.
- Next: Marvell plans to file the document that will carry both companies' shareholder votes. It has given no date.
The deal: Marvell Technology agreed on Nov. 1 to buy Lumentum, a maker of lasers and optical parts used in AI data centers and telecom networks, and to pay in its own stock.8-KRelease The companies, which announced the deal before the market opened on Nov. 2, value it at $115 billion, about $1,132 for each Lumentum share.Release That is 23.9% more than Lumentum's Oct. 28 close of $913.95, the premium the companies cite.Release
The shares: Lumentum holders will not be paid a set $1,132. They get 4.5 Marvell shares for each Lumentum share, a ratio the merger agreement fixes.8-K By KeyVex's math, the $1,132 is those shares priced at Marvell's Oct. 28 close of $251.65, the day the companies call the last before speculation about a deal began.KeyVexRelease Marvell then fell 22% in two trading days. At its Oct. 30 close of $196.40, the last before the deal was signed, the same shares were worth $883.80.KeyVex That is 3.3% less than Lumentum's own Oct. 28 close, its last before the talks were reported, though still about 5% above Lumentum's Oct. 30 close of $840.70.KeyVex
Why it matters: In a share deal at a fixed ratio, the headline price is a snapshot of one day. Lumentum holders will receive whatever 4.5 Marvell shares are worth at closing, which the companies expect in the first half of 2028.8-KRelease The agreement changes the ratio only for events like a stock split, not for a move in Marvell's share price.Agreement
The record: The $1,132 is about $1 below Lumentum's highest close since it began trading in August 2015: $1,133.40, on Oct. 6.KeyVex
Lumentum's stock and the story's key datesDaily close, Jan. 2, 2025 to Oct. 30, 2026 ▲ 882.1%Show chartHide chart
- 1Jan. 2, 2025 Where 2025 began. Close: $85.60.
- 2Oct. 6, 2026 Lumentum's highest close. Close: $1,133.40, its highest since it began trading in August 2015.
- 3Oct. 28, 2026 The last close before talk of a deal. The price the companies measure their 23.9% premium from. Close: $913.95.
- 4Oct. 29, 2026 The first trading day after word of a deal. The companies call Oct. 28 the last trading day before market speculation about a deal began. Close: $919.53.
- 5Oct. 30, 2026 The last close before the deal was announced. Close: $840.70. The deal was announced before the market opened on Nov. 2.
View the data (459 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-10-30 | $840.70 | −8.6% |
| 2026-10-29 | $919.53 | +0.6% |
| 2026-10-28 | $913.95 | +5.5% |
| 2026-10-27 | $866.18 | +5.9% |
| 2026-10-26 | $818.10 | +8.2% |
| 2026-10-23 | $756.17 | +0.5% |
| 2026-10-22 | $752.54 | −11.5% |
| 2026-10-21 | $850.70 | +3.4% |
| 2026-10-20 | $822.51 | −1.4% |
| 2026-10-19 | $834.51 | +1.3% |
| 2026-10-16 | $824.13 | −5.2% |
| 2026-10-15 | $869.54 | −3.0% |
| 2026-10-14 | $896.33 | −9.3% |
| 2026-10-13 | $987.99 | −0.7% |
| 2026-10-12 | $995.41 | −9.8% |
| 2026-10-09 | $1103.36 | +5.2% |
| 2026-10-08 | $1048.60 | −5.6% |
| 2026-10-07 | $1111.07 | −2.0% |
| 2026-10-06 | $1133.40 | +3.8% |
| 2026-10-05 | $1091.67 | +0.6% |
| 2026-10-02 | $1085.42 | +3.8% |
| 2026-10-01 | $1045.78 | +7.7% |
| 2026-09-30 | $971.26 | −0.2% |
| 2026-09-29 | $973.49 | +5.7% |
| 2026-09-28 | $921.32 | −2.2% |
| 2026-09-25 | $941.65 | +1.4% |
| 2026-09-24 | $929.04 | −0.8% |
| 2026-09-23 | $937.00 | −0.9% |
| 2026-09-22 | $945.67 | −0.9% |
| 2026-09-21 | $954.49 | +2.5% |
| 2026-09-18 | $930.91 | +4.2% |
| 2026-09-17 | $893.61 | −2.8% |
| 2026-09-16 | $919.40 | +9.6% |
| 2026-09-15 | $838.96 | +0.5% |
| 2026-09-14 | $835.03 | −9.9% |
| 2026-09-11 | $927.03 | −0.9% |
| 2026-09-10 | $935.70 | −5.4% |
| 2026-09-09 | $988.98 | +1.1% |
| 2026-09-08 | $978.53 | +11.0% |
| 2026-09-04 | $881.25 | +4.0% |
| 2026-09-03 | $847.37 | −2.7% |
| 2026-09-02 | $870.58 | +0.2% |
| 2026-09-01 | $868.95 | −5.0% |
| 2026-08-31 | $914.76 | +2.2% |
| 2026-08-28 | $895.00 | −6.4% |
| 2026-08-27 | $956.14 | +1.8% |
| 2026-08-26 | $939.03 | +6.0% |
| 2026-08-25 | $885.57 | +6.7% |
| 2026-08-24 | $830.17 | −4.2% |
| 2026-08-21 | $866.71 | −1.4% |
| 2026-08-20 | $879.28 | +6.2% |
| 2026-08-19 | $827.60 | −5.2% |
| 2026-08-18 | $873.31 | −9.9% |
| 2026-08-17 | $968.90 | +4.6% |
| 2026-08-14 | $926.14 | +5.2% |
| 2026-08-13 | $880.41 | −5.6% |
| 2026-08-12 | $932.47 | +13.6% |
| 2026-08-11 | $820.59 | +0.9% |
| 2026-08-10 | $813.51 | −8.6% |
| 2026-08-07 | $890.17 | +6.2% |
| 2026-08-06 | $838.06 | +1.4% |
| 2026-08-05 | $826.26 | −2.7% |
| 2026-08-04 | $849.47 | +8.9% |
| 2026-08-03 | $779.89 | +9.2% |
| 2026-07-31 | $713.94 | +3.0% |
| 2026-07-30 | $693.24 | +15.1% |
| 2026-07-29 | $602.35 | −7.6% |
| 2026-07-28 | $651.93 | −8.4% |
| 2026-07-27 | $711.96 | −6.7% |
| 2026-07-24 | $762.99 | −8.5% |
| 2026-07-23 | $833.64 | +0.5% |
| 2026-07-22 | $829.70 | −0.9% |
| 2026-07-21 | $837.56 | +9.4% |
| 2026-07-20 | $765.55 | +4.5% |
| 2026-07-17 | $732.82 | +3.8% |
| 2026-07-16 | $706.23 | −6.1% |
| 2026-07-15 | $752.00 | −7.7% |
| 2026-07-14 | $814.80 | +6.1% |
| 2026-07-13 | $768.15 | −4.2% |
| 2026-07-10 | $802.01 | +2.1% |
| 2026-07-09 | $785.77 | +11.1% |
| 2026-07-08 | $707.10 | +1.2% |
| 2026-07-07 | $698.91 | −4.4% |
| 2026-07-06 | $731.25 | +0.4% |
| 2026-07-02 | $728.32 | −9.1% |
| 2026-07-01 | $801.16 | −6.6% |
| 2026-06-30 | $858.06 | +0.8% |
| 2026-06-29 | $851.40 | +4.2% |
| 2026-06-26 | $816.98 | −5.2% |
| 2026-06-25 | $861.97 | +2.3% |
| 2026-06-24 | $842.53 | +1.8% |
| 2026-06-23 | $827.92 | −7.4% |
| 2026-06-22 | $893.93 | +5.2% |
| 2026-06-18 | $850.00 | −2.3% |
| 2026-06-17 | $869.98 | −0.6% |
| 2026-06-16 | $875.36 | −8.6% |
| 2026-06-15 | $957.24 | +3.9% |
| 2026-06-12 | $921.56 | +3.6% |
| 2026-06-11 | $889.59 | +4.3% |
| 2026-06-10 | $853.26 | +3.8% |
| 2026-06-09 | $821.76 | −8.2% |
| 2026-06-08 | $895.40 | +3.7% |
| 2026-06-05 | $863.66 | −8.6% |
| 2026-06-04 | $945.08 | +0.8% |
| 2026-06-03 | $938.00 | −8.9% |
| 2026-06-02 | $1029.15 | +13.7% |
| 2026-06-01 | $905.00 | +5.9% |
| 2026-05-29 | $854.96 | −0.7% |
| 2026-05-28 | $860.62 | −4.6% |
| 2026-05-27 | $902.31 | −0.9% |
| 2026-05-26 | $910.81 | −3.8% |
| 2026-05-22 | $946.90 | −1.8% |
| 2026-05-21 | $964.50 | +11.1% |
| 2026-05-20 | $868.07 | −2.5% |
| 2026-05-19 | $890.09 | +0.6% |
| 2026-05-18 | $884.98 | −8.8% |
| 2026-05-15 | $970.70 | −3.1% |
| 2026-05-14 | $1001.81 | −2.8% |
| 2026-05-13 | $1030.37 | +3.8% |
| 2026-05-12 | $992.37 | −5.8% |
| 2026-05-11 | $1053.09 | +16.5% |
| 2026-05-08 | $903.80 | +1.3% |
| 2026-05-07 | $892.58 | −5.5% |
| 2026-05-06 | $944.28 | −5.1% |
| 2026-05-05 | $994.56 | +1.9% |
| 2026-05-04 | $976.18 | +2.8% |
| 2026-05-01 | $949.93 | +5.3% |
| 2026-04-30 | $902.32 | +5.1% |
| 2026-04-29 | $858.32 | +8.5% |
| 2026-04-28 | $791.37 | −7.9% |
| 2026-04-27 | $859.68 | −2.5% |
| 2026-04-24 | $881.64 | +4.1% |
| 2026-04-23 | $846.89 | −3.1% |
| 2026-04-22 | $873.60 | +4.4% |
| 2026-04-21 | $836.92 | −6.5% |
| 2026-04-20 | $895.11 | +0.1% |
| 2026-04-17 | $894.07 | +0.3% |
| 2026-04-16 | $891.22 | +8.2% |
| 2026-04-15 | $824.01 | −3.4% |
| 2026-04-14 | $852.79 | −2.1% |
| 2026-04-13 | $871.18 | −2.9% |
| 2026-04-10 | $897.30 | +0.4% |
| 2026-04-09 | $894.13 | −0.2% |
| 2026-04-08 | $896.02 | +9.8% |
| 2026-04-07 | $815.75 | +5.6% |
| 2026-04-06 | $772.28 | −6.6% |
| 2026-04-02 | $826.88 | +8.1% |
| 2026-04-01 | $764.65 | +8.8% |
| 2026-03-31 | $702.76 | +7.3% |
| 2026-03-30 | $654.79 | −6.8% |
| 2026-03-27 | $702.73 | +2.0% |
| 2026-03-26 | $688.80 | −11.4% |
| 2026-03-25 | $777.17 | −3.1% |
| 2026-03-24 | $801.99 | +10.0% |
| 2026-03-23 | $728.95 | +3.2% |
| 2026-03-20 | $706.35 | −8.5% |
| 2026-03-19 | $772.13 | +10.2% |
| 2026-03-18 | $700.81 | +7.9% |
| 2026-03-17 | $649.56 | +4.0% |
| 2026-03-16 | $624.84 | +0.4% |
| 2026-03-13 | $622.50 | +1.0% |
| 2026-03-12 | $616.09 | −8.3% |
| 2026-03-11 | $672.00 | 0.0% |
| 2026-03-10 | $672.00 | +4.9% |
| 2026-03-09 | $640.69 | +14.7% |
| 2026-03-06 | $558.44 | −14.2% |
| 2026-03-05 | $650.82 | −4.4% |
| 2026-03-04 | $680.80 | −2.0% |
| 2026-03-03 | $694.43 | −11.3% |
| 2026-03-02 | $783.25 | +11.7% |
| 2026-02-27 | $700.91 | +3.5% |
| 2026-02-26 | $677.00 | −6.4% |
| 2026-02-25 | $723.39 | +5.1% |
| 2026-02-24 | $688.27 | +2.0% |
| 2026-02-23 | $674.73 | +1.0% |
| 2026-02-20 | $667.77 | +5.1% |
| 2026-02-19 | $635.64 | +7.0% |
| 2026-02-18 | $594.26 | −1.0% |
| 2026-02-17 | $600.42 | +6.7% |
| 2026-02-13 | $562.74 | −3.6% |
| 2026-02-12 | $583.46 | +1.6% |
| 2026-02-11 | $574.11 | +2.3% |
| 2026-02-10 | $561.13 | −2.8% |
| 2026-02-09 | $577.15 | +4.6% |
| 2026-02-06 | $551.99 | +9.4% |
| 2026-02-05 | $504.42 | +8.4% |
| 2026-02-04 | $465.54 | +7.0% |
| 2026-02-03 | $435.10 | +2.8% |
| 2026-02-02 | $423.42 | +8.1% |
| 2026-01-30 | $391.84 | +2.7% |
| 2026-01-29 | $381.44 | −0.9% |
| 2026-01-28 | $385.00 | +3.9% |
| 2026-01-27 | $370.66 | +11.5% |
| 2026-01-26 | $332.45 | −2.0% |
| 2026-01-23 | $339.19 | −4.3% |
| 2026-01-22 | $354.49 | −2.2% |
| 2026-01-21 | $362.44 | +1.6% |
| 2026-01-20 | $356.83 | +10.0% |
| 2026-01-16 | $324.25 | −5.5% |
| 2026-01-15 | $343.27 | +3.5% |
| 2026-01-14 | $331.62 | −8.2% |
| 2026-01-13 | $361.33 | +6.3% |
| 2026-01-12 | $339.87 | −3.3% |
| 2026-01-09 | $351.42 | +0.9% |
| 2026-01-08 | $348.26 | −11.4% |
| 2026-01-07 | $392.88 | −1.1% |
| 2026-01-06 | $397.42 | +11.3% |
| 2026-01-05 | $357.05 | −7.5% |
| 2026-01-02 | $386.11 | +4.8% |
| 2025-12-31 | $368.59 | −0.7% |
| 2025-12-30 | $371.18 | −0.4% |
| 2025-12-29 | $372.61 | −4.6% |
| 2025-12-26 | $390.77 | −1.3% |
| 2025-12-24 | $395.92 | +2.2% |
| 2025-12-23 | $387.41 | −0.6% |
| 2025-12-22 | $389.88 | +5.0% |
| 2025-12-19 | $371.43 | +10.2% |
| 2025-12-18 | $337.13 | +5.3% |
| 2025-12-17 | $320.25 | +1.3% |
| 2025-12-16 | $316.15 | −5.5% |
| 2025-12-15 | $334.69 | +3.2% |
| 2025-12-12 | $324.35 | −12.8% |
| 2025-12-11 | $372.09 | +1.7% |
| 2025-12-10 | $366.00 | +1.6% |
| 2025-12-09 | $360.33 | +5.2% |
| 2025-12-08 | $342.56 | +3.4% |
| 2025-12-05 | $331.41 | +1.1% |
| 2025-12-04 | $327.85 | +8.2% |
| 2025-12-03 | $302.98 | +0.1% |
| 2025-12-02 | $302.81 | −4.8% |
| 2025-12-01 | $317.93 | −2.2% |
| 2025-11-28 | $325.16 | +5.5% |
| 2025-11-26 | $308.28 | +5.8% |
| 2025-11-25 | $291.27 | −2.7% |
| 2025-11-24 | $299.36 | +17.1% |
| 2025-11-21 | $255.59 | +9.6% |
| 2025-11-20 | $233.24 | −13.3% |
| 2025-11-19 | $268.92 | +8.7% |
| 2025-11-18 | $247.43 | +2.2% |
| 2025-11-17 | $242.07 | +4.3% |
| 2025-11-14 | $232.15 | +2.3% |
| 2025-11-13 | $226.86 | −10.6% |
| 2025-11-12 | $253.81 | +0.5% |
| 2025-11-11 | $252.47 | −2.9% |
| 2025-11-10 | $259.89 | +8.2% |
| 2025-11-07 | $240.11 | +0.2% |
| 2025-11-06 | $239.68 | +3.0% |
| 2025-11-05 | $232.75 | +23.6% |
| 2025-11-04 | $188.36 | −5.6% |
| 2025-11-03 | $199.58 | −1.0% |
| 2025-10-31 | $201.56 | +0.7% |
| 2025-10-30 | $200.13 | −6.6% |
| 2025-10-29 | $214.28 | +8.0% |
| 2025-10-28 | $198.39 | +2.4% |
| 2025-10-27 | $193.80 | +8.1% |
| 2025-10-24 | $179.30 | +6.4% |
| 2025-10-23 | $168.50 | +6.6% |
| 2025-10-22 | $158.06 | −3.0% |
| 2025-10-21 | $162.95 | +1.2% |
| 2025-10-20 | $161.00 | −2.3% |
| 2025-10-17 | $164.77 | +0.9% |
| 2025-10-16 | $163.23 | +4.3% |
| 2025-10-15 | $156.57 | −0.1% |
| 2025-10-14 | $156.78 | −2.4% |
| 2025-10-13 | $160.56 | +7.3% |
| 2025-10-10 | $149.61 | −6.4% |
| 2025-10-09 | $159.76 | −2.0% |
| 2025-10-08 | $163.09 | +3.8% |
| 2025-10-07 | $157.15 | −2.1% |
| 2025-10-06 | $160.60 | −2.0% |
| 2025-10-03 | $163.81 | −3.5% |
| 2025-10-02 | $169.75 | −1.0% |
| 2025-10-01 | $171.40 | +5.3% |
| 2025-09-30 | $162.71 | +0.1% |
| 2025-09-29 | $162.58 | +1.1% |
| 2025-09-26 | $160.75 | +1.0% |
| 2025-09-25 | $159.11 | +4.2% |
| 2025-09-24 | $152.75 | −6.9% |
| 2025-09-23 | $163.99 | −0.4% |
| 2025-09-22 | $164.71 | −2.4% |
| 2025-09-19 | $168.73 | −1.6% |
| 2025-09-18 | $171.50 | +5.0% |
| 2025-09-17 | $163.34 | −4.4% |
| 2025-09-16 | $170.90 | +1.3% |
| 2025-09-15 | $168.77 | +3.5% |
| 2025-09-12 | $163.02 | −1.1% |
| 2025-09-11 | $164.88 | 0.0% |
| 2025-09-10 | $164.88 | +8.7% |
| 2025-09-09 | $151.73 | +1.6% |
| 2025-09-08 | $149.40 | 0.0% |
| 2025-09-05 | $149.46 | +5.3% |
| 2025-09-04 | $141.91 | +5.8% |
| 2025-09-03 | $134.12 | +1.2% |
| 2025-09-02 | $132.56 | −0.2% |
| 2025-08-29 | $132.81 | −2.0% |
| 2025-08-28 | $135.55 | +7.7% |
| 2025-08-27 | $125.84 | +1.0% |
| 2025-08-26 | $124.62 | +1.0% |
| 2025-08-25 | $123.42 | +3.4% |
| 2025-08-22 | $119.34 | +1.6% |
| 2025-08-21 | $117.43 | +1.3% |
| 2025-08-20 | $115.89 | −1.8% |
| 2025-08-19 | $117.96 | −0.9% |
| 2025-08-18 | $118.98 | +2.7% |
| 2025-08-15 | $115.86 | +1.1% |
| 2025-08-14 | $114.62 | −4.7% |
| 2025-08-13 | $120.23 | +0.5% |
| 2025-08-12 | $119.66 | +4.0% |
| 2025-08-11 | $115.03 | −1.1% |
| 2025-08-08 | $116.27 | +4.6% |
| 2025-08-07 | $111.13 | +1.0% |
| 2025-08-06 | $110.01 | +1.7% |
| 2025-08-05 | $108.15 | −2.7% |
| 2025-08-04 | $111.13 | +4.2% |
| 2025-08-01 | $106.68 | −3.1% |
| 2025-07-31 | $110.08 | +0.2% |
| 2025-07-30 | $109.85 | +0.3% |
| 2025-07-29 | $109.48 | +2.2% |
| 2025-07-28 | $107.17 | +2.5% |
| 2025-07-25 | $104.52 | +1.6% |
| 2025-07-24 | $102.85 | +0.7% |
| 2025-07-23 | $102.13 | +2.5% |
| 2025-07-22 | $99.63 | −4.1% |
| 2025-07-21 | $103.84 | +1.6% |
| 2025-07-18 | $102.22 | −0.4% |
| 2025-07-17 | $102.64 | +3.0% |
| 2025-07-16 | $99.63 | +1.5% |
| 2025-07-15 | $98.14 | +6.4% |
| 2025-07-14 | $92.24 | −0.8% |
| 2025-07-11 | $92.99 | +0.4% |
| 2025-07-10 | $92.62 | +2.4% |
| 2025-07-09 | $90.44 | −1.0% |
| 2025-07-08 | $91.31 | +0.3% |
| 2025-07-07 | $91.08 | −1.8% |
| 2025-07-03 | $92.75 | +1.7% |
| 2025-07-02 | $91.24 | −0.3% |
| 2025-07-01 | $91.49 | −3.8% |
| 2025-06-30 | $95.06 | +0.3% |
| 2025-06-27 | $94.75 | 0.0% |
| 2025-06-26 | $94.71 | +3.2% |
| 2025-06-25 | $91.77 | 0.0% |
| 2025-06-24 | $91.81 | +3.0% |
| 2025-06-23 | $89.16 | −0.6% |
| 2025-06-20 | $89.66 | +1.4% |
| 2025-06-18 | $88.46 | +2.4% |
| 2025-06-17 | $86.34 | +0.7% |
| 2025-06-16 | $85.78 | +4.0% |
| 2025-06-13 | $82.47 | −3.5% |
| 2025-06-12 | $85.50 | +3.8% |
| 2025-06-11 | $82.36 | +0.5% |
| 2025-06-10 | $81.96 | −0.2% |
| 2025-06-09 | $82.11 | +0.8% |
| 2025-06-06 | $81.46 | −0.2% |
| 2025-06-05 | $81.64 | +1.7% |
| 2025-06-04 | $80.28 | +3.4% |
| 2025-06-03 | $77.65 | +2.4% |
| 2025-06-02 | $75.86 | +5.0% |
| 2025-05-30 | $72.28 | −4.2% |
| 2025-05-29 | $75.41 | −3.2% |
| 2025-05-28 | $77.90 | −0.6% |
| 2025-05-27 | $78.37 | +3.4% |
| 2025-05-23 | $75.77 | −0.1% |
| 2025-05-22 | $75.88 | −0.1% |
| 2025-05-21 | $75.95 | −1.5% |
| 2025-05-20 | $77.11 | −1.0% |
| 2025-05-19 | $77.87 | −0.1% |
| 2025-05-16 | $77.95 | +0.2% |
| 2025-05-15 | $77.76 | −0.7% |
| 2025-05-14 | $78.29 | +5.1% |
| 2025-05-13 | $74.51 | +3.9% |
| 2025-05-12 | $71.73 | +10.6% |
| 2025-05-09 | $64.87 | −1.2% |
| 2025-05-08 | $65.66 | −0.9% |
| 2025-05-07 | $66.24 | +2.8% |
| 2025-05-06 | $64.42 | +2.0% |
| 2025-05-05 | $63.17 | +0.5% |
| 2025-05-02 | $62.86 | +2.2% |
| 2025-05-01 | $61.52 | +4.2% |
| 2025-04-30 | $59.04 | −1.5% |
| 2025-04-29 | $59.96 | −0.2% |
| 2025-04-28 | $60.08 | +0.1% |
| 2025-04-25 | $60.00 | +2.1% |
| 2025-04-24 | $58.77 | +6.5% |
| 2025-04-23 | $55.17 | +6.8% |
| 2025-04-22 | $51.64 | +3.1% |
| 2025-04-21 | $50.07 | −3.7% |
| 2025-04-17 | $52.00 | −0.4% |
| 2025-04-16 | $52.21 | −0.9% |
| 2025-04-15 | $52.69 | +0.6% |
| 2025-04-14 | $52.36 | +2.1% |
| 2025-04-11 | $51.27 | −5.9% |
| 2025-04-10 | $54.47 | −8.9% |
| 2025-04-09 | $59.81 | +19.6% |
| 2025-04-08 | $50.02 | −4.3% |
| 2025-04-07 | $52.26 | +5.4% |
| 2025-04-04 | $49.56 | −7.3% |
| 2025-04-03 | $53.45 | −20.0% |
| 2025-04-02 | $66.82 | +5.1% |
| 2025-04-01 | $63.59 | +2.0% |
| 2025-03-31 | $62.34 | −0.4% |
| 2025-03-28 | $62.58 | −2.2% |
| 2025-03-27 | $63.98 | −3.2% |
| 2025-03-26 | $66.11 | −7.0% |
| 2025-03-25 | $71.07 | −3.5% |
| 2025-03-24 | $73.63 | +10.5% |
| 2025-03-21 | $66.61 | −3.2% |
| 2025-03-20 | $68.83 | +2.5% |
| 2025-03-19 | $67.17 | +2.0% |
| 2025-03-18 | $65.88 | −3.6% |
| 2025-03-17 | $68.31 | +7.4% |
| 2025-03-14 | $63.61 | +5.5% |
| 2025-03-13 | $60.29 | −5.8% |
| 2025-03-12 | $64.02 | +3.2% |
| 2025-03-11 | $62.05 | +8.1% |
| 2025-03-10 | $57.41 | −7.6% |
| 2025-03-07 | $62.11 | +1.7% |
| 2025-03-06 | $61.09 | −9.3% |
| 2025-03-05 | $67.34 | +3.5% |
| 2025-03-04 | $65.09 | −0.9% |
| 2025-03-03 | $65.69 | −6.6% |
| 2025-02-28 | $70.33 | +1.0% |
| 2025-02-27 | $69.62 | −4.0% |
| 2025-02-26 | $72.50 | +3.0% |
| 2025-02-25 | $70.39 | −2.9% |
| 2025-02-24 | $72.47 | −1.2% |
| 2025-02-21 | $73.35 | −3.9% |
| 2025-02-20 | $76.34 | −1.2% |
| 2025-02-19 | $77.29 | −3.7% |
| 2025-02-18 | $80.22 | +3.3% |
| 2025-02-14 | $77.68 | −0.6% |
| 2025-02-13 | $78.13 | −1.4% |
| 2025-02-12 | $79.22 | −0.5% |
| 2025-02-11 | $79.60 | −2.8% |
| 2025-02-10 | $81.93 | −4.6% |
| 2025-02-07 | $85.90 | −7.3% |
| 2025-02-06 | $92.67 | +3.9% |
| 2025-02-05 | $89.19 | +3.3% |
| 2025-02-04 | $86.33 | +2.4% |
| 2025-02-03 | $84.31 | −0.9% |
| 2025-01-31 | $85.06 | +1.3% |
| 2025-01-30 | $83.98 | +7.8% |
| 2025-01-29 | $77.91 | +0.1% |
| 2025-01-28 | $77.80 | +4.9% |
| 2025-01-27 | $74.17 | −22.5% |
| 2025-01-24 | $95.65 | −3.7% |
| 2025-01-23 | $99.33 | −1.0% |
| 2025-01-22 | $100.38 | +3.0% |
| 2025-01-21 | $97.45 | +3.2% |
| 2025-01-17 | $94.41 | +5.7% |
| 2025-01-16 | $89.36 | +1.1% |
| 2025-01-15 | $88.40 | +3.9% |
| 2025-01-14 | $85.08 | +1.6% |
| 2025-01-13 | $83.74 | −0.8% |
| 2025-01-10 | $84.38 | −1.0% |
| 2025-01-08 | $85.19 | −1.6% |
| 2025-01-07 | $86.59 | −4.3% |
| 2025-01-06 | $90.44 | +1.2% |
| 2025-01-03 | $89.35 | +4.4% |
| 2025-01-02 | $85.60 |
Nov. 2 is not in the chart: the day had not closed when this story was written. Source: Tiingo end-of-day closes, as traded, via KeyVex.Chart data
Since the talks
Reuters reported that both stocks had fallen since the talks were first reported, during a broad chip selloff after Intel's weak forecast.Reuters Marvell's Oct. 29 drop followed a Bloomberg report of the talks, TipRanks reported.TipRanks KeyVex covered Intel's fall on Oct. 30. The Nasdaq 100 fund QQQ fell 4.8% over the two days that Marvell fell 22%.KeyVex
At 11:24 a.m. Eastern on Nov. 2, Marvell traded at $181.89, which put 4.5 shares at $818.51. Lumentum traded at $735.25, about 10% below that.KeyVex A target trading below a deal's value is common: the deal is not expected to close until the first half of 2028, and it can fail.Release
View the data
| Price | Per Lumentum share | Note |
|---|---|---|
| Lumentum's highest close (Oct. 6, 2026) | $1,133.40 | Close as traded |
| The deal, as announced (4.5 Marvell shares at Marvell's Oct. 28 close of $251.65) | $1,132.43 | $1,132.43 by KeyVex's math; "approximately $1,132" in the release |
| Lumentum before the talks were reported (Oct. 28 close) | $913.95 | Close as traded |
| The deal at the Oct. 30 close (4.5 Marvell shares at Marvell's Oct. 30 close of $196.40) | $883.80 | $883.80, KeyVex's math |
| Lumentum at the Oct. 30 close (Oct. 30 close) | $840.70 | Close as traded |
| The deal on Nov. 2, 11:24 a.m. (4.5 Marvell shares at $181.89) | $818.51 | $818.51, KeyVex's math from a live quote (IEX via Tiingo), not a close |
Sources: Lumentum's 8-K and the companies' release of Nov. 2, 2026; KeyVex prices via Tiingo.
each share of common stock, par value $0.001 per share, of Lumentum (the “Lumentum Common Stock”) that is issued and outstanding immediately prior to the Effective Time, subject to certain exceptions in the Merger Agreement, will be converted into the right to receive 4.500 shares of common stock, par value $0.002 per share, of Marvell
How Lumentum got here
Lumentum started 2025 at $85.60. By its Oct. 28 close it was worth more than 10 times that.KeyVex Before 2025, its highest close was $108.93, in January 2021.KeyVex Marvell rose too, from $89.39 at the start of 2026 to $251.65 on Oct. 28.KeyVex
Lumentum's chief executive, Michael Hurlston, said joining Marvell creates a company "uniquely positioned to capitalize on a market opportunity of $550 billion."Release After the deal, Marvell holders would own about 67% of the company and Lumentum holders about 33%.Release
What Marvell says, and an analyst's caution
Marvell's chairman and chief executive, Matt Murphy, said the industry's shift toward optical connections is "creating an opportunity that comes along once in a generation."Release The companies expect the deal to add to Marvell's adjusted earnings per share in its first year after closing.Release They say they see a path to more than $1 billion a year in cost savings.Release
On Oct. 29, before the terms were public, Raymond James analyst Simon Leopold said a deal could cut Marvell's earnings per share by up to 10%, depending on its size and structure, TipRanks reported.TipRanks Alternatively, he said, it might no longer affect earnings per share by 2028, according to TipRanks.TipRanks
What it takes to close
Walking away has a price. Marvell would owe Lumentum $5.8 billion in cases including if Marvell's board withdrew its support or Marvell ended the deal for a better offer.8-K Lumentum would owe Marvell $2.9 billion in the mirror-image cases, including if Lumentum's board withdrew its support or Lumentum took a better offer.8-K If regulators finally block the deal, or it runs out of time for lack of their approval, with its other conditions met, Marvell would owe Lumentum $3.2 billion in certain circumstances.8-K Murphy would stay chairman and chief executive, and three Lumentum directors, Hurlston among them, would join Marvell's board, which now has seven members.Release
Both companies' shareholders must approve the deal, and regulators must clear it.Release Either side can end the agreement if the deal has not closed by Nov. 1, 2027.8-K If regulatory approvals are still pending, that date can be extended in steps, to Aug. 1, 2028 at the latest.8-K
What to watch
The paper trail
The filings cited here, with the time EDGAR accepted them (Eastern).
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| Nov. 2, 2026, 8:39 a.m. | 8-K | Lumentum | Merger agreement dated Nov. 1: 4.500 Marvell shares per Lumentum share; termination fees; end dates. |
| Nov. 2, 2026, 8:39 a.m. | EX-99.1 | Marvell and Lumentum | Joint release: $115 billion, about $1,132 a share, 23.9% premium to the Oct. 28 close. |
| Nov. 2, 2026, 8:39 a.m. | EX-99.2 | Marvell and Lumentum | Investor presentation: Marvell's undisturbed Oct. 28 price of about $252. |
Related coverage
Sources
7 sources, 4 of them public records
Public records
- Lumentum Holdings Inc., Form 8-K: Agreement and Plan of Merger with Marvell Technology, Inc.SEC EDGAR · Nov. 2, 2026
- "Marvell and Lumentum to combine, creating a category leader in AI connectivity" (Form 8-K, Exhibit 99.1)SEC EDGAR · Nov. 2, 2026
- Agreement and Plan of Merger among Marvell Technology, Lumentum Holdings and two Marvell subsidiaries (Form 8-K, Exhibit 2.1)SEC EDGAR · dated Nov. 1, filed Nov. 2, 2026
- Marvell and Lumentum investor presentation (Form 8-K, Exhibit 99.2)SEC EDGAR · Nov. 2, 2026
Reporting
- "Marvell to buy Lumentum in $115-billion deal in AI data-centre bet" (Reuters)The Globe and Mail · Nov. 2, 2026
- "Marvell Stock (MRVL) Sinks 15% on Lumentum Buyout Talks" (Solomon Oladipupo)TipRanks · Oct. 29, 2026
Data
- Daily prices for LITE, MRVL, SPY and QQQ, and the Nov. 2 intraday quotes (Tiingo)KeyVex · through Nov. 2, 2026
How we got these numbers
- Prices are closes as traded, not adjusted for dividends. The deal values are 4.5 times Marvell's price: $251.65 on Oct. 28 gives $1,132.425 (shown as $1,132.43; the release says approximately $1,132), $196.40 on Oct. 30 gives $883.80, and $181.89 on Nov. 2 gives $818.505 (shown as $818.51). The Nov. 2 prices are live quotes, the IEX last sale via Tiingo at 11:24 a.m. Eastern, not closes. The 23.9% premium is the companies' figure; $1,132.425 against $913.95 checks to 23.9%. $883.80 is 3.3% below $913.95. Marvell's two-day fall is $251.65 to $196.40 (-21.96%): -13.24% on Oct. 29 and -10.05% on Oct. 30. QQQ: $725.61 to $690.49 (-4.84%). Lumentum's fall from $1,133.40 on Oct. 6 to $913.95 on Oct. 28 is -19.36%.
- Lumentum's record: $1,133.40 on Oct. 6, 2026 is the highest of KeyVex's Lumentum closes from Aug. 4, 2015, the first close in KeyVex's data, to Oct. 30, 2026 (2015 to 2016 peaked at $44.50); the highest before 2025 was $108.93 on Jan. 12, 2021. $913.95 is 10.7 times $85.60 (Jan. 2, 2025). Marvell's Jan. 2, 2026 close was $89.39.
- The $115 billion is the companies' implied enterprise value for Lumentum, not KeyVex's. Termination fees, end dates and the exchange ratio are from the 8-K's summary of the merger agreement, and the agreement itself (Exhibit 2.1): its Section 3.3 adjusts the 4.500 ratio only for reclassifications, recapitalizations, stock splits, combinations and stock dividends, not for changes in either company's share price. The S&P 500 and Nasdaq 100 lines in the chart follow SPY and QQQ, also as traded, rebased. The Filings switch shows the filing markers from KeyVex's Lumentum stock page, a selection of congressional trades, insider sales, Form 144 notices, 8-Ks and lobbying filings: not every filing, and not only those tied to this story.
- The header image was generated for KeyVex by an image model. It is an illustration, not a photograph of a real Marvell or Lumentum site or product. This is a reading of the companies' filings and news reports, not investment advice.