Coherent, Inc. Receives Decision From the German Federal Cartel Office
October 25 2006 - 6:30PM
PR Newswire (US)
SANTA CLARA, Calif., Oct. 25 /PRNewswire-FirstCall/ -- Coherent,
Inc. (NASDAQ:COHR), today announced it received a prohibition order
from the German Federal Cartel Office (FCO) regarding its proposed
acquisition of Excel Technology, Inc. (NASDAQ:XLTC) by Coherent.
The acquisition had previously been approved by antitrust
authorities in the United States. None of the multiple remedy
proposals offered by Coherent to the FCO addressing the overlap in
the low-power carbon-dioxide laser market were satisfactory to the
FCO. John Ambroseo, Coherent's President and Chief Executive
Officer said, "While we are clearly very disappointed and disagree
with the FCO's decision, we remain committed to accomplishing
acquisitions that meet all our criteria for growth, diversification
and financial performance. Coherent remains focused on executing on
the underlying fundamentals of our business and meeting the future
needs of our customers." Founded in 1966, Coherent, Inc. is a
Standard & Poor's SmallCap 600 company and a world leader in
providing photonics based solutions to the commercial and
scientific research markets. Please direct any questions to Peter
Schuman, Director, Investor Relations at 408-764-4174. DATASOURCE:
Coherent, Inc. CONTACT: Peter Schuman of Coherent, +1-408-764-4174
Web site: http://www.coherent.com/
Copyright
Excel (NASDAQ:XLTC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Excel (NASDAQ:XLTC)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Excel Tech (MM) (NASDAQ): 0 recent articles
More Excel Technology (MM) News Articles