India, Sept. 14 -- Monday, Medtronic plc (MDT) announced the commencement of an exchange offer to split off at least 80.1% of the shares of MiniMed Group, Inc. (MMED), reflecting confidence in its former diabetes business as an independent company.
Medtronic is offering to exchange up to 225,361,295 shares of MiniMed common stock from its current holding of 252,813,348 shares. If the exchange offer becomes oversubscribed, Medtronic currently intends to exchange an additional 27,452,053 shares of MiniMed common stock without extending the exchange offer period, representing all of Medtronic's remaining interest in MiniMed.
Medtronic shareholders can exchange their Medtronic ordinary shares for MiniMed common stock at a 7% discount through ...