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SMALL BUSINESS
Cardiome Pharma to buy $27.5M in shares
AP
NEW YORK -Canadian drug developer Cardiome Pharma Corp. said Wednesday it plans to buy about $27.5 million in shares following a tender offer.
The company will buy about 6.5 million shares, or 9.7 percent of its outstanding shares, at $4.25 per share following a "Dutch Auction" tender offer. The price is a nearly 12 percent discount to the stocks closing price Tuesday of $4.80 per share.
In a Dutch Auction tender offer, shareholders indicate within a certain range how many shares and at which price they wish to sell.
About 60.2 million shares will remain outstanding after the offer.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-14 08:30:09
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