This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Cardiome to buy 6.47 million shares for cancellation 2009-10-14 09:32 ET - News Release Mr. Peter Hofman reports CARDIOME PHARMA CORP. ANNOUNCES PRELIMINARY RESULTS OF TENDER OFFER Cardiome Pharma Corp. has released the preliminary results of its modified "Dutch Auction" tender offer to purchase for cancellation up to $27.5-million (U.S.) of its common shares, which expired at 5 p.m. ET on Oct. 13, 2009. More than $27.5-million (U.S.) of Cardiome's common shares were validly tendered to the offer. Based on the preliminary report of the depository for the offer, Cardiome expects to purchase for cancellation 6,470,588 of its common shares at a price of $4.25 (U.S.) per share, for a total purchase price of $27.5-million (U.S.).
The purchased shares represent approximately 9.7 per cent of the outstanding common shares of the company as of Oct. 13, 2009. Subject to certain limited exceptions described in the offer to purchase and issuer bid circular for the offer, shareholders who tendered their common shares to the offer at a price equal to or less than the purchase price will have approximately 90 per cent of their deposited common shares purchased by the company. Following the cancellation of the common shares purchased under the offer, approximately 60,163,885 common shares of the company will remain issued and outstanding. Because the paid-up capital per common share exceeds the purchase price, shareholders will not be deemed to receive a dividend upon payment for their common shares.
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