SurModics Inc. (SRDX) Announces Commencement of Tender Offer to Purchase up to $55 Million of Its Common Stock
8/6/2012 9:59:57 AM
EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--SurModics, Inc. (Nasdaq: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.