Cardiome Pharma Corp. (NASDAQ: CRME / TSX: COM) ("Cardiome" or the "Company") announced the final results of its modified "Dutch Auction" tender offer to purchase for cancellation up to US$27.5 million of its common shares (the "Offer"), which expired at 5:00 p.m. (Eastern time) on October 13, 2009. Cardiome has accepted 6,470,588 of its common shares for purchase and cancellation at a purchase price of US$4.25 per share (the "Purchase Price"), for an aggregate purchase price of US$27.5 million. The purchased shares represent approximately 9.7% of the outstanding common shares of the Company as of October 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 September 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% 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.
Common shares tendered to the Offer but not purchased, including common shares deposited at prices greater than the Purchase Price and common shares not purchased because of pro-ration or because the tendering shareholder's minimum conditional tender conditions were not met, will be returned to shareholders as promptly as possible.