Surmodics Enters Definitive Deal To Be Acquired By Private Equity Firm GTCR For $43.00 Per Share In Cash, For Total Equity Valuation Of ~$627M
Portfolio Pulse from Benzinga Newsdesk
Surmodics has entered into a definitive agreement to be acquired by private equity firm GTCR for $43.00 per share in cash, valuing the company at approximately $627 million. The acquisition price represents a 41.1% premium to Surmodics' 30-day volume-weighted average closing price. The Board of Directors has unanimously approved the transaction and recommends stockholders vote in favor. Post-transaction, Surmodics will become a privately held company and its stock will be delisted from Nasdaq.
May 29, 2024 | 11:22 am
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Surmodics is set to be acquired by GTCR for $43.00 per share, a 41.1% premium over its 30-day volume-weighted average closing price. The Board has approved the deal and recommends stockholders vote in favor. Post-acquisition, Surmodics will be delisted from Nasdaq.
The acquisition by GTCR at a significant premium is likely to drive SRDX's stock price up in the short term. The unanimous approval by the Board and recommendation to stockholders further solidifies the likelihood of the transaction's completion. Post-acquisition, SRDX will be delisted, impacting its trading status.
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