Coherent Notifies Excel of Decision from the German Federal Cartel Office.EAST SETAUKET, N.Y. -- Excel Technology, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : XLTC) announced today that it was informed by Coherent (NASDAQ: COHR COHR Congolese Observatory of Human Rights ) that they had received a prohibition order from the German Federal Cartel Office (FCO FCO n abbr (BRIT) (= Foreign and Commonwealth Office) → Min. de AA. EE FCO n abbr (Brit) (= Foreign and Commonwealth Office) → ) regarding its proposed acquisition of Excel. The acquisition had previously been approved by antitrust authorities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . 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 Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. 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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