Medtronic Announces Oversubscribed Exchange Offer for MiniMed Shares
Medtronic plc (NYSE: MDT) announced that its exchange offer for shares of MiniMed Group, Inc. (Nasdaq: MMED) was oversubscribed based on preliminary results. The offer expired on October 9, 2026, with shareholders tendering a total of 298 million Medtronic ordinary shares in exchange for approximately 253 million MiniMed common shares. Due to the high demand, only about 18.3% of submitted shares will be accepted pro rata. The terms specify that each Medtronic share is exchanged for 4.5939 MiniMed shares. Odd-lot shareholders and those using guaranteed delivery methods are not subject to proration. Medtronic plans to finalize the exchange on October 14, after confirming all valid submissions under the guaranteed delivery procedures. Following this transaction, Medtronic will no longer hold any outstanding MiniMed common stock. Goldman Sachs & Co. LLC and BofA Securities, Inc. are acting as dealer managers for the offer.
Topics: corporate restructuring M&A share exchange