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.
The Series B warrants expire on the date ten months from the date the initial offering
closes if no registration failure has occurred prior thereto or, if a registration failure does occur prior to such date, on the fourth anniversary of such registration failure.
The same $20 per share price paid during the initial offering
period is being extended through the subsequent offering period.
With an initial offering
price of $9 a share, the stock opened Friday at $97 but drifted down to close at $63.
145 million shares of its Class A common stock at the initial offering
The Company completed its Initial Offering
of 10 million shares on February 15, 1994, at a price of $19 per share.
The initial offering
period is scheduled to expire at midnight, New York City time, on Wednesday, Jan.
During the subsequent offering period (as extended), any shares validly tendered (which were not previously accepted for payment in the initial offering
period or the subsequent offering period) will be accepted immediately for payment, and tendering stockholders will thereafter promptly be paid $1.
The procedures for tendering shares during the subsequent offering period are the same as during the initial offering
period, except that shares tendered during the subsequent offering period may not be tendered by the guaranteed delivery procedure and may not be withdrawn once tendered.
Experts expect a sharp rise in the stock price after the initial offering
despite the market's poor performance Thursday.
The web site and newsletter are the initial offering
of the "EE Times Europe" integrated media product announced in April that will be complete when the print and digital editions launch in September.
The opportunity was closed in less than 60 days from its initial offering