GSI Group Accepts Shares in Tender Offer for Excel Technology and Commences Subsequent Offer...( BEDFORD Mass. Aug. 20 /- GSI Grou...)

BEDFORD, Mass., Aug. 20 /PRNewswire-FirstCall/ -- GSI Group Inc. (Nasdaq: GSIG) announced today 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of the initial offering period, a total of approximately 8,571,831 shares were validly tendered to EAC and not withdrawn (not including shares delivered through notices of guaranteed delivery), representing approximately 78.6% of the outstanding common stock of Excel.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.

GSI also announced that EAC has commenced a subsequent offering period for all remaining shares of Excel common stock, to permit stockholders who have not yet tendered their shares to do so. This subsequent offering period will expire at 5:00 p.m., New York City time, on Tuesday, August 26, 2008, unless further extended. Any such extension will be followed by a public announcement no later than 9:00 a.m., New York City time, on the next business day after the subsequent offering period was scheduled to expire.

The same $32.00 per share price offered in the initial offering period will be paid during the subsequent offeri
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