GSI Group accepts more than 10 million shares in tender offer for Excel Technology

By Lisa Kerner

Charlotte, N.C., Aug. 27 - Excel Technology, Inc. shareholders validly tendered 10,115,199, or 92.78%, of the outstanding shares of Excel common stock in GSI Group Inc.'s tender offer that ended Aug. 26.

Eagle Acquisition Corp., an indirect wholly owned subsidiary of GSI, accepted for payment all shares validly tendered in the offer, a GSI news release said.

GSI plans to complete its acquisition of Excel through a short-form merger. Eagle Acquisition will merge with and into Excel, with Excel remaining as the surviving corporation.

Each of the remaining untendered shares of Excel common stock will be converted into the right to receive the same $32 in cash per share, without interest, payable in the tender offer, according to the release.

GSI said it expects the merger to occur within the next several days, after which Excel's common stock will cease trading on the Nasdaq stock market.

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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