Excel Technology Inc. (Nasdaq:XLTC) is up more than 34% in today’s pre-market trading after the company announced earlier this morning that GSI Group Inc. (Nasdaq:GSIG) would buy it for $32 per share or $360 million cash. Billerica, Mass.-based GSI Group develops and manufactures lasers and laser systems. East Setauket, N.Y-based Excel Technology produces photonics-based solutions, including lasers, for industrial and scientific applications. The offer is a more than 30% premium to the average Excel closing share price during the past 30 trading days, the companies said in a statement. The offer is expected to commence on or about July 23, they added.

Ahead of today’s opening, shares of Excel Technology are at $30.50, up $7.84 from Wednesday’s close. Shares of GSI Group are mostly unchanged in pre-market trading.

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