Medtronic exchange offer for MiniMed stake draws 298,024,452 shares tendered, faces proration
MDT•Medtronic will exchange its remaining 252,813,348 MiniMed shares for 55,032,401 Medtronic ordinary shares in an oversubscribed offer. About 298,024,452 Medtronic shares were tendered, with estimated acceptance of roughly 18.3%, excluding qualifying odd-lot holders.
1. Offer proration
Medtronic will exchange its remaining 252,813,348 MiniMed shares for 55,032,401 Medtronic ordinary shares tendered in the oversubscribed offer, at a ratio of 4.5939 MiniMed common shares for each Medtronic ordinary share accepted. About 298,024,452 Medtronic shares were tendered; estimated proration implies roughly 18.3% acceptance, excluding qualifying odd-lot holders. The final proration factor is due October 14, 2026, and unaccepted shares will be returned in book-entry form. Medtronic expects to exit its MiniMed stake completely when the offer is completed.
