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SurModics, Inc.
SRDX, a leading provider of surface modification and
in vitro diagnostic technologies to the healthcare industries, today announced
it has commenced a tender offer to purchase up to $55 million of its common
stock through a modified “Dutch auction” tender offer, at a price per share
not less than $17.00 and not greater than $19.00. On August 3, 2012, the last
reported sale price of SurModics' Common Stock was $17.57 per share, with an
average closing price of $15.79 over the last three months. If the tender
offer is fully subscribed, the Company will purchase shares representing
approximately 16.5% to 18.4% of the Company's outstanding shares of common
stock as of July 31, 2012. The tender offer will expire at 5:00 p.m., Eastern
Daylight Time, on September 5, 2012, unless the offer is extended.
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