SurModics Announces Final Results of its Modified Dutch Tender Offer
EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--Sep. 11, 2012--
SurModics, Inc. (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properly withdrawn at or below the purchase price of $19.00 per share.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
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.
As a result of the settlement of the tender offer, SurModics has 14.65
million shares of common stock outstanding.
Shareholders who have questions may call Citigroup Global Markets Inc.,
the dealer-manager for the Offer, at 800-531-8365, or MacKenzie
Partners, Inc., the information agent for the Offer, at 800-322-2885.
About SurModics, Inc.
SurModics’ mission is to exceed our customers’ expectations and enhance
the well-being of patients by providing the world’s foremost, innovative
surface modification technologies and in vitro diagnostic
chemical components. The Company partners with the world’s leading and
emerging medical device, diagnostic and life science companies to
develop and commercialize innovative products designed to improve
patient diagnosis and treatment. Core offerings include surface
modification coating technologies that impart lubricity, prohealing, and
biocompatibility capabilities; and components for in vitro
diagnostic test kits and microarrays. SurModics is headquartered in Eden
Source: SurModics, Inc.
Tim Arens, 952-500-7000
Vice President of
Finance and interim Chief Financial Officer