Medtronic Finalizes 4.5939 Exchange Ratio As MiniMed Split-Off Nears Completion
(RTTNews) - Medtronic plc (MDT), a global healthcare technology company, announced a final exchange ratio of 4.5939 MiniMed Group (MMED) shares for each Medtronic ordinary share accepted in its previously announced exchange offer.
Medtronic is offering to exchange up to 225.36 million MiniMed shares for Medtronic ordinary shares. If the offer is oversubscribed, the company currently intends to exchange all of its remaining 27.45 million MiniMed shares without extending the exchange period.
Based on the final exchange ratio, Medtronic could accept approximately 49.06 million of its ordinary shares under the initial offer. If the company elects to exchange its entire remaining interest in MiniMed, the number could increase to approximately 55.03 million Medtronic shares.
Because the exchange offer may be oversubscribed, the number of Medtronic shares accepted could be lower than the number validly tendered, with proration applying in that case.
The final exchange ratio was set at the upper limit of 4.5939, as the calculated share values would otherwise have resulted in a higher ratio.
The exchange offers and withdrawal rights will expire at midnight, New York City time, on October 9, 2026, unless extended or terminated.
The transaction forms part of Medtronic's planned split-off of its former Diabetes business through MiniMed, which is set to operate as a separate publicly traded company.
MDT closed on Wednesday at $85.51, down 1.81%.
On Wednesday, MMED closed down 2.70% at $19.11.
