A multi-million dollar deal spurred shares of industrial laser maker Rofin-Sinar Technologies to skyrocket.

Rofin-Sinar’s shares were up 37% to $31.39 on Thursday amid news that another laser business, Coherent, plans to purchase the company for $942 million. The acquisition, announced on Wednesday, is slated to close within six to nine months.

Santa Clara-based Coherent, listed as one of Fortune’s fastest growing companies in 2012, is the larger of the two laser companies and brought in $802.5 million in sales in 2015. Rofin-Sinar, on the other hand, took in $519.6 million last year. It has corporate headquarters in both Plymouth, Mich. and Hamburg, Germany.

“The addition of ROFIN’s complementary portfolio will build on Coherent’s capabilities as a world leader in laser and photonics-based technology and solutions and create meaningful value for our stockholders,” said Coherent CEO John Ambroseo in a statement.

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Rofin-Sinar has been fending off London-based activist investor SilverArrow Capital Advisors in a proxy battle over the last year. SilverArrow Capital claimed on numerous occasions that Rofin-Sinar’s board and executive team mismanaged the company, and the firm recently urged shareholders to elect three SilverArrow nominees to the board.

In a statement last month, SilverArrow said that Rofin-Sinar “has failed to integrate acquisitions and allowed business units to effectively run as their own little companies, failing to yield any economies of scale.”

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On Monday, SilverArrow accused Rofin-Sinar of failing to disclose to its shareholders that one of its former senior employees was involved in an embezzlement case.

Based on the latest stock uptick, Rofin-Sinar shareholders appear to be pleased that an acquisition could put an end to the proxy fight.