GSI Group (GSIC) Accepts Shares in Tender Offer for Excel Technology (XLTC) and Commences Subsequent Offering Period

August 20, 2008 8:47 AM EDT

GSI Group Inc. (Nasdaq: GSIG) announced the expiration of the initial offering period 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 initial offering period expired, as scheduled, at 12:00 midnight, New York City time, on Tuesday, August 19, 2008.

The depositary for the offer has advised GSI and EAC that, as of the expiration of the initial offering period, a total of approximately 8,571,831 shares were validly tendered to EAC and not withdrawn (not including shares delivered through notices of guaranteed delivery), representing approximately 78.6% of the outstanding common stock of Excel. EAC has accepted for payment all shares that were validly tendered during the initial offering period.

Pursuant to the terms of the previously announced merger agreement, GSI expects to effect a merger of EAC with and into Excel. In the merger, EAC will acquire all untendered Excel shares (other than those as to which holders properly exercise appraisal rights) at the same $32.00 per share price, without interest and less any required withholding taxes, that was paid in the tender offer. As a result of the merger, Excel will become an indirect wholly-owned subsidiary of GSI. [SM]

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