Logic chain:

$Surmodics(SRDX.US) was privatized at $43 per share →

The court's approval was conditional on the divestiture of certain businesses to ITGR to comply with antitrust regulations. →

ITGR's internal ownership ratio suddenly increased, and the company repurchased shares. →

The transaction eliminates competition between Surmodics and GTCR's portfolio company Biocoat in the hydrophilic coating supplier market for smoothing surgical devices and internal medical equipment. →

Part of Biocoat's assets were divested to contract medical device manufacturer $Integer(ITGR.US) to mitigate this. →

ITGR's business expanded at low cost, including ready-made supply chains and customers.