BEDFORD, Mass., Aug. 27 /PRNewswire-FirstCall/ -- GSI Group Inc.
(Nasdaq: GSIG) today announced successful completion of the tender offer by
its indirect wholly owned subsidiary Eagle Acquisition Corporation (EAC)
for all outstanding shares of common stock of Excel Technology, Inc.
(Nasdaq: XLTC).
The depositary for the tender offer has advised GSI and EAC that, as of
the expiration of the subsequent offering period at 5:00 p.m., New York
time, on August 26, 2008, stockholders of Excel had validly tendered
10,115,199 shares of Excel common stock, representing approximately 92.78%
of the outstanding shares of Excel common stock. EAC has accepted for
payment all shares validly tendered in the offer.
GSI also announced that, to complete the acquisition of Excel, EAC will
effect, without prior notice to, or any action by, any other Excel
stockholder, a short-form merger in which EAC will merge with and into
Excel, with Excel surviving the merger and continuing as an indirect wholly
owned subsidiary of GSI. In the merger, each of the remaining untendered
shares of Excel common stock (other than shares as to which appraisal
rights are properly demanded under Delaware law, if any) will be converted
into the right to receive the same $32.00 in cash per share, without
interest, payable in the tender offer. The merger is expected to occur
within the next several days and a subsequent press release will be issued
at that time. Following the merger, Excel's common stock will cease to be
traded on the NASDAQ Stock Market.
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).
Contact: Ray Ruddy 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, +1-781-266-5873, for GSI Group
Inc.
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