CardioGenesis Corp. (PINK:CGCP) stock did not surprise with its performance after the announced cash offer. It stays at the level of the offered price per share even after the initial terms of the merger agreement were amended. 
CGCP closed 0.22% higher at $0.455 yesterday and on a volume three times lower than the average. It looks like the interest for the stock is slowly disappearing even though the company is expected to announce its first quarter ended March 31, 2011 next Wednesday. As the date of the offer expiration nears traders get less interested to trade CGCP shares as they probably cannot offer the high returns they used to offer before the acquisition offer determine the value of CardioGenesis stock.
Within the 20-day “Go-Shop” period, in which CardioGenesis was allowed to encourage potential other merger or acquisition partners to give an offer for the stock, no alternative acquisition proposals have been made. The “Go-Shop” period expired on April, 17 and CGCP remained stuck in a narrow trading range around the price of $0.457 that CryoLife, Inc. and its wholly-owned subsidiary CL Falcon, Inc. have offered for a share of CGCP.
The start of the cash tender offer was announced on April, 5 and it is set to expire at 12:00 midnight New York City time on the evening of May 2, 2011, unless extended. In that period CGCP stockholders can tender their shares and receive $0.457 in cash for each share without interest and less any required withholding taxes.
In the meantime, the acquirers have changed the terms under which they will purchase shares of CardioGenesis. CryoLife, Inc. and CL Falcon, Inc. now intend to acquire 49.9% of the shares instead of all of the outstanding shares and the provided top-up option has been eliminated. Following the successful completion of the offer, a special meeting of CardioGenesis shareholders will be held on which the proposed merger will be considered and approved.
