Surmodics Inc. has responded to the US Federal Trade Commission’s decision to challenge its proposed acquisition by funds affiliated with GTCR LLC. The company disagrees with the FTC’s decision and remains committed to completing the merger.
Surmodics is confident in the benefits of the deal, citing improved value for shareholders, customers, and patients. The company had previously worked closely with the FTC to secure regulatory approval and is disappointed that it has initiated litigation. Surmodics plans to vigorously defend its case in court.
The merger agreement values Surmodics at approximately $627 million, with shares being acquired by an affiliate of GTCR for $43 per share. Upon completion, Surmodics will become a privately held company, and its stock will no longer be listed on the Nasdaq Global Select Market. The deal was previously approved by Surmodics’ shareholders in August 2024.
As of Thursday’s regular trading, SRDX closed at $29.62, down 4.51%, before further declining in after-hours trading.
Source: https://www.nasdaq.com/articles/surmodics-responds-ftc-challenge-commits-completing-merger-gtcr