Surmodics Dutch Tender Results

Surmodics, Inc. (Ticker: SRDX) announced the preliminary results of the Dutch tender offer. The final tender price will be $19.00, which is the top end of the price range. This was more of an experiment to see how the Dutch tender offer works. I’ll end up making a net gain of 8% over a 31 day period (assuming a payout a week from today). I only purchased 99 shares so I’ll be just lunch money, but it was a good learning experience. The proration factor was 97.8% so I could have loaded up on Surmodics and generated a nice annualized return of ~ 92%, but it’s difficult to predict what the proration factor will be.