Navigation Links
GSI Group Accepts Shares in Tender Offer for Excel Technology and Commences Subsequent Offering Period

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of the initial offering period, a total of approximately 8,571,831 shares were validly tendered to EAC and not withdrawn (not including shares delivered through notices of guaranteed delivery), representing approximately 78.6% of the outstanding common stock of Excel.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 offering period. All shares validly tendered during this subsequent offering period will be immediately accepted and payment will be made promptly after acceptance, in accordance with the terms of the offer. Procedures for tendering shares during the subsequent offering period are the same as during the initial offering period with two exceptions: (1) shares cannot be delivered by the guaranteed delivery procedure, and (2) pursuant to Rule 14d-7(a)(2) promulgated under the Securities Exchange Act of 1934, as amended, shares tendered during the subsequent offering period may not be withdrawn.

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. GSI intends to complete the merger as soon as practicable. If, as a result of additional shares tendered and purchased in the subsequent offering period or otherwise, including through the possible exercise by EAC of its "top-up" option, EAC becomes the owner of at least 90% of the outstanding Excel shares, EAC will be able to promptly effect the merger without the need for a meeting of or approval by Excel's public stockholders. Excel stockholders who continue to hold their shares at the time of the merger and fulfill certain other requirements of Delaware law will have appraisal rights in connection with the merger.

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).


Ray Ruddy


Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Avicena Group to Present at Noble Financial Conference
2. Chrome Group to Seek Listing for Some of its Subsidiaries
3. Dr. Amit Dhawan Promoted to Medical Director for The Mattson Jack Group
4. Reed Group to Provide MDA Internet Disability Duration Guidelines to U.S. Navy
5. SportCoatings; The North American Booster Club Association (NABCA); the Coatings Specialist Group New Booster Program Goes High Tech With Invisible Antimicrobial Defense
6. Revolutionary Genomics Research Group Opens Boston Office; Provides DNA Evidence in Workers Comp Cases
7. Millennium Biotechnologies Group, Inc. (MBTG.OB) Announces Completion of $2,277,000 Equity Financing
8. ThirdBiotech Networking Group Launches
9. Millennium Biotechnologies Group, Inc. (MBTG.OB) Announces Appointment of Mark C. Mirken as its President and Chief Operating Officer
10. Reed Group Ltd. Announces Enterprise License for New Zealands Accident Compensation Corporation
11. Rosetta Genomics to Webcast Presentation at Maxim Group Growth Conference
Post Your Comments:
(Date:11/30/2015)... ... November 30, 2015 , ... ... physicians, aesthetic practitioners and aesthetics professionals from Central America and abroad for the ... in Panama City, Panama Feb. 17-19, 2016. Testart will present and discuss new ...
(Date:11/30/2015)... 1, 2015 /PRNewswire/ - BioAmber Inc. (NYSE: BIOA ), a ... the American Business Act on Climate Pledge, alongside more than ... with the Obama Administration to demonstrate an ongoing commitment to ... to the COP21 Paris climate negotiations. ... Sarnia, Canada . --> BioAmber uses ...
(Date:11/30/2015)... 30, 2015 Spherix Incorporated (Nasdaq: ... the fostering and monetization of intellectual property, today ... initiatives designed to create shareholder value. ... Spherix. "Based on published reports, the total addressable ... billion and Spherix will seek to secure fair ...
(Date:11/30/2015)...  HUYA Bioscience International, the leader in accelerating global ... today announced it has signed a Memorandum of Understanding ... collaboration between KDDF and HUYA with the ultimate goal ... for the global market. China,s ... innovative preclinical and clinical stage compounds. The company advances ...
Breaking Biology Technology:
(Date:10/29/2015)... ARBOR, Mich. , Oct. 29, 2015 /PRNewswire/ ... Eurofins Genomics for U.S. distribution of its DNA ... DNA-seq kit and Rubicon,s new ThruPLEX Plasma-seq kit. ... to enable the preparation of NGS libraries for ... plasma for diagnostic and prognostic applications in cancer ...
(Date:10/29/2015)... , Oct. 29, 2015 Today, ... announced a partnership with 2XU, a global leader ... deliver a smart hat with advanced bio-sensing technology. ... other athletes to monitor key biometrics to improve ... strategic partnership, the two companies will bring together the ...
(Date:10/27/2015)... Calif. , Oct. 27, 2015 Synaptics Inc. ... solutions, today announced that Google has adopted the Synaptics ... touch controller solutions to power its newest flagship smartphones, ... by Huawei. --> ... like Google to provide strategic collaboration in the joint ...
Breaking Biology News(10 mins):