SurModics SRDX, a leading provider of surface modification and
in vitro diagnostic technologies to the healthcare industries, today announced
the final results of its modified Dutch auction tender offer for up to $55.0
million in value of its common stock, which expired at 5:00 p.m., New York
City time, on Wednesday, September 5, 2012. In accordance with the terms and
conditions of the tender offer, SurModics has accepted for purchase 2,894,736
shares of its common stock at a price of $19.00 per share, for an aggregate
cost of $55 million, excluding fees and expenses relating to the tender offer.
These shares represent approximately 16.5% of SurModics' currently outstanding
common stock.
Based on the final count by American Stock Transfer & Trust Company, LLC, the
Depositary for the tender offer, approximately 2.93 million shares of
SurModics' common stock were properly tendered and not properly withdrawn at
or below the purchase price of $19.00 per share. Since the offer was
oversubscribed, the number of shares that SurModics will purchase from each
tendering shareholder will be pro-rated. Based upon the number of shares
tendered, the proration factor will be approximately 98.7%.
The Depositary will promptly issue payment for the shares accepted for
purchase in accordance with the terms and conditions of the Offer. Shares
tendered and not accepted for purchase will be returned promptly to
shareholders by the Depositary.
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