Coherent shareholder Oliver Press Partners reduces ownership to 5.4%

By Lisa Kerner

Charlotte, N.C., Dec. 1 - Coherent, Inc. investors led by Oliver Press Partners, LLC sold 10,000 shares of the company's common stock on Nov. 23 for $26.52 each, according to a schedule 13D/A filed on Tuesday with the Securities and Exchange Commission.

Oliver Press expected to dispose of its Coherent shares through sales or distributions to limited partners following the resignation of Clifford Press from Coherent's board of directors on Nov. 18, a prior SEC filing said.

In January 2009, Coherent announced it would nominate Press for election to its board of directors at the 2009 annual meeting under an amended agreement with Oliver Press Partners and its affiliates.

Oliver Press Partners beneficially owns 1,323,676 shares, or 5.4%, of the Santa Clara, Calif.-based company's outstanding stock.

Coherent engages in the design, manufacture and marketing of lasers, precision optics and related accessories.

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