GSI begins subsequent offer for shares of Excel Technology

By Lisa Kerner

Charlotte, N.C., Aug. 20 - GSI Group Inc. said a total of 8,571,831, or approximately 78.6%, Excel Technology, Inc. shares were validly tendered GSI's offer ended Aug. 19.

The total does not include shares delivered through guaranteed delivery, a GSI news release noted.

GSI's indirect wholly owned subsidiary Eagle Acquisition Corp. began a subsequent offering period for all remaining shares of Excel common stock at the same $32-per-share price.

The subsequent offering period will expire at 5 p.m. ET on Aug. 26 unless extended, GSI said.

In July Excel announced it agreed to be acquired by GSI for about $360 million.

GSI supplies precision technology to the medical, electronics and industrial markets and semiconductor systems. The company is located in Billerica, Mass.

Excel, based in East Setauket, N.Y., designs, manufactures and markets laser systems and electro-optical components, primarily for industrial and scientific applications.

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