Coherent Notifies Excel of Decision from the German Federal Cartel Office
October 25 2006 - 6:30PM
Business Wire
Excel Technology, Inc. (NASDAQ: XLTC) announced today that it was
informed by Coherent (NASDAQ: COHR) that they had received a
prohibition order from the German Federal Cartel Office (FCO)
regarding its proposed acquisition of Excel. The acquisition had
previously been approved by antitrust authorities in the United
States. Although Coherent had offered multiple remedy proposals to
the FCO, none were acceptable. Antoine Dominic, Chief Executive
Officer, stated, �Although, the last eight months have been a
trying period for Excel�s management and its staff, we have
maintained our focus as evidenced by achieving record results in
2006. We are quite optimistic about our long term prospects and
plan to build on these achievements.� Excel and its wholly owned
subsidiaries manufacture and market photonics-based solutions,
consisting of laser systems and electro-optical components,
primarily for industrial/commercial and scientific applications.
Excel Technology, Inc. (NASDAQ: XLTC) announced today that it was
informed by Coherent (NASDAQ: COHR) that they had received a
prohibition order from the German Federal Cartel Office (FCO)
regarding its proposed acquisition of Excel. The acquisition had
previously been approved by antitrust authorities in the United
States. Although Coherent had offered multiple remedy proposals to
the FCO, none were acceptable. Antoine Dominic, Chief Executive
Officer, stated, "Although, the last eight months have been a
trying period for Excel's management and its staff, we have
maintained our focus as evidenced by achieving record results in
2006. We are quite optimistic about our long term prospects and
plan to build on these achievements." Excel and its wholly owned
subsidiaries manufacture and market photonics-based solutions,
consisting of laser systems and electro-optical components,
primarily for industrial/commercial and scientific applications.
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