Market Overview

Surmodics Accepted 2.89M Shares at $19 a Piece


SurModics (Nasdaq: 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the tender offer, approximately 2.93 million shares of SurModics' common stock were properly tendered and not properly withdrawn at or below the purchase price of $19.00 per share.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.

Posted-In: News Offerings


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