Medtronic announced the final results of its oversubscribed exchange offer, completing the split-off of MiniMed Group, Inc. The transaction allowed Medtronic to divest its entire remaining stake in the diabetes-focused company by exchanging its MiniMed shares for Medtronic ordinary shares.
Medtronic accepted approximately 55 million of its own shares in exchange for about 252.8 million MiniMed shares. Nearly 297.5 million Medtronic shares were tendered. As a result, a proration factor of about 18.29% applied to most tendered shares.
Following the exchange, Medtronic holds no common stock in MiniMed.