Cardiome buys back nearly 10% of shares in Dutch auction tender offer

By Lisa Kerner

Charlotte, N.C., Oct. 19 - Cardiome Pharma Corp. said it accepted for purchase 6,470,588, or approximately 9.7%, of its common shares for $4.25 each for a total of $27.5 million in its modified Dutch auction tender offer that ended Oct. 13.

According to Cardiome, final results show that 7,209,211 common shares were properly tendered to the offer at or below the purchase price.

Shareholders who tendered their shares at a price equal to or less than the purchase price will have approximately 90% of their deposited common shares purchased by Cardiome.

Shares purchased in the offer will be canceled.

Cardiome, a Vancouver, B.C., cardiovascular drug-development company, said previously it would purchase up to 6,470,588 of its common shares for a total of up to $27.5 million in the offer. The shares would be bought at a price of between $4.25 and $5.10 each.

The dealer managers for the offer were Oppenheimer & Co. and Canaccord Capital Corp. Computershare Investor Services, Inc. was the depository.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.