Marvell's $115 billion merger agreement finalized, LITE trades at an 11% discount to the stock exchange reference price.

November 3 — Marvell and Lumentum officially announced they have reached an all-stock acquisition agreement, with an implied enterprise value of approximately $115 billion. Under the agreement, each Lumentum share will be exchanged for 4.5 Marvell shares, and the transaction is expected to close in the first half of 2028.

According to TradingBeats monitoring, the LITE contract on Hyperliquid is quoted at $696.37, down about 19.10% in the past 24 hours, with trading volume of about $56.38 million; MRVL is quoted at $174.64, down about 13.41% over the same period, with trading volume of about $30.76 million.

Alongside the sharp price decline, the open interest of the LITE contract has instead increased significantly. Compared with yesterday, LITE notional OI rose from about $8.48 million to $16.12 million, an increase of about 90.1%; after excluding the impact of the price decline, open contract quantity increased by about 136.1%. MRVL notional OI fell by about 11.8%, but the corresponding position quantity increased by only about 1%.

A long account (0x8afa) accumulated about $2.960 million of LITE from last night to this morning, with an average entry price of about $809.18, and is currently sitting on an unrealized loss of about $494,000.

Based on the agreed 4.5-share exchange ratio and the current MRVL quote of $174.64, the implied exchange reference value per LITE share is about $785.88, about 12.85% higher than LITE's current quote of $696.37; conversely, LITE trades at a discount of about 11.39% to this reference value.