The latest announcement is out from SurModics (SRDX).
The Board of a company, in anticipation of a merger, has established an Executive Transaction Bonus Program that offers significant cash bonuses to top executives upon a successful “Change of Control,” with payments being made shortly after the merger’s completion. Additionally, the company has amended its bylaws to designate Minnesota courts as the exclusive legal forum for specific corporate disputes. Following these internal changes, the company and the merging partner have publicized their merger agreement. Shareholders have been advised of forthcoming materials related to the merger, including a proxy statement that will be essential for voting purposes, and they are encouraged to review these materials thoroughly when they become available.
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