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 accepts 6.47 million shares with tender offer 2009-10-19 01:35 ET - News Release Mr. Peter Hofman reports CARDIOME PHARMA CORP. ANNOUNCES FINAL RESULTS OF TENDER OFFER Cardiome Pharma Corp. has released the final 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. Cardiome has accepted 6,470,588 of its common shares for purchase and cancellation at a purchase 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. Following the cancellation of the common shares purchased under the offer, 60,163,885 common shares of the company will remain issued and outstanding.
Based on the final report of the depository, 7,209,211 common shares were properly tendered to the offer at or below the purchase price. Subject to certain limited exceptions described in the offer to purchase and issuer bid circular for the offer filed with securities regulatory authorities in Canada and the United States on Sept. 1, 2009, 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. Payment for all common shares accepted for purchase under the offer will be carried out promptly by the depository. 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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