Medtronic climbs on oversubscribed MiniMed share swap
MMED•Medtronic shares rose 2.8% to $90 after the company said its offer to exchange MiniMed shares for Medtronic shares was oversubscribed. Medtronic will no longer own any outstanding MiniMed shares following the exchange.
1. Exchange offer completed
Medtronic said its previously announced offer to exchange MiniMed shares for Medtronic shares was oversubscribed. Following the exchange, Medtronic will no longer own any outstanding MiniMed shares.
2. Shares move in opposite directions
Medtronic shares rose 2.8% to $90, while MiniMed shares fell 4.3% to $19, about 5% below their March 6 IPO price of $20. Medtronic first announced its intent to spin off its diabetes business, named MiniMed Group, last year.
