The exchange process, which closed at midnight on October 9, resulted in Medtronic accepting 55,032,401 of its own ordinary shares in return for the entirety of its 252,813,348-share stake in MiniMed. Because the offer drew interest far exceeding available supply, the company implemented a proration mechanism for most participants. Investors holding fewer than 100 shares—classified as odd-lot shareholders—were exempted from this reduction and will have their tenders fully accepted.
In section Releases
Medtronic Finalizes Oversubscribed MiniMed Exchange Offer
Medtronic has concluded its exchange offer for MiniMed Group stock, exiting its remaining interest in the company after a heavily oversubscribed response. Shareholders tendered nearly 300 million Medtronic shares, forcing the company to apply a pro rata acceptance factor of approximately 18.3% to manage the excess demand.
Equiniti Trust Company, serving as the exchange agent, reported that 297,521,390 shares were validly tendered. Non-accepted shares will be returned to investors in book-entry form, while newly issued MiniMed stock will be credited to successful participants. Goldman Sachs & Co. LLC and BofA Securities acted as dealer managers for the transaction, marking Medtronic's complete divestiture from the MiniMed business unit.
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