Marvell Technology’s proposed $115B all-stock acquisition of Lumentum has triggered significant backlash from shareholders of both companies, with investors questioning the valuation, deal structure and potential benefits. The transaction values Lumentum at $1,132 per share, representing a 23.9% premium to its October 28 closing price. However, because the consideration is entirely in Marvell shares, the final value remains dependent on Marvell’s stock performance. The announcement sparked a sharp selloff on Monday, with Marvell shares plunging 12.72% and Lumentum declining 18.59%. Some Lumentum investors consider the offer unattractive despite the headline premium, while others are concerned that the all-stock structure exposes them to volatility in Marvell shares before the transaction closes. Marvell shareholders, meanwhile, are questioning the acquisition's enormous price tag, potential dilution and integration risks. $MRVL $LITE