BEDFORD, Mass., July 29 /PRNewswire-FirstCall/ -- GSI Group Inc.
(Nasdaq: GSIG) and Excel Technology, Inc. (Nasdaq: XLTC) today announced
that the waiting period under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976 (HSR), with respect to GSI's indirect wholly owned subsidiary's
cash tender offer for all outstanding shares of Excel Technology common
stock at a price of $32.00 per share, expired at 11:59 P.M., New York City
time, on July 28, 2008. The tender offer was commenced on July 23, 2008,
pursuant to the previously announced merger agreement among GSI Group, its
wholly owned subsidiary and Excel Technology.
The expiration of the HSR waiting period satisfies part of one of the
conditions to the tender offer. Consummation of the tender offer remains
subject to the tender of a majority of Excel Technology shares on a fully
diluted basis and the satisfaction of certain other conditions.
About GSI Group Inc.
GSI Group Inc. supplies precision technology to the global medical,
electronics, and industrial markets and semiconductor systems. GSI Group
Inc.'s common shares are listed on Nasdaq (GSIG).
About Excel Technology
Founded in 1985, Excel and its wholly owned subsidiaries manufacture
and market photonics-based solutions, consisting of laser systems and
electro-optical components, primarily for industrial/commercial and
scientific applications.
Contact:
Ray Ruddy
GSI Group Inc.
781-266-5873
SOURCE GSI Group Inc.
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Related links:
http://www.gsig.com
http://www.prnewswire.com/comp/107189.html/
CONTACT:
Ray Ruddy of GSI Group Inc., +1-781-266-5873
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