India, Nov. 2 -- Marvell Technology, Inc. (MRVL) is down 6.39 percent, losing $12.55 to $183.85 on Monday. The decline follows the company's announcement of a definitive agreement to acquire Lumentum Holdings Inc. (LITE) in an all-stock transaction with an implied enterprise value of $115 billion. Under the agreement, Lumentum shareholders will receive 4.5 shares of Marvell common stock for each Lumentum share they own.
Marvell Technology is currently trading at $183.85, down from the previous close of $196.40 after opening at $191.89 on the Nasdaq. The stock has traded between $182.66 and $192.30 during the session. Trading volume stands at 11.04 million shares, compared with average volume of 21.72 million shares.
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