Medtronic launches exchange offer for MiniMed Group spinoff, stock pops
Medtronic has initiated an exchange offer allowing shareholders to trade their ordinary shares for MiniMed Group stock at a 7% discount. The company plans to exchange up to 225.4 million MiniMed shares for Medtronic's outstanding ordinary shares. Each Medtronic share tendered will receive approximately $107.53 worth of MiniMed stock, if the cap is not reached.
The goal is to separate at least 80.1% of MiniMed shares from Medtronic's holdings. If demand exceeds available shares, Medtronic may exchange an additional 27.45 million shares, potentially divesting its full interest in MiniMed. If participation is insufficient, Medtronic will find alternative methods to divest MiniMed shares, including spin-offs, split-offs, or debt-for-equity exchanges.
Pricing will be determined using the arithmetic average of the volume-weighted average price over three trading days between Oct. 5 and Oct. 7.
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