According to the exchange agent, Equiniti Trust Company, LLC, investors tendered 298,024,452 Medtronic ordinary shares, significantly exceeding the available interest in MiniMed. Under the terms of the deal, shareholders receive 4.5939 shares of MiniMed for every Medtronic share accepted. Because of the high volume of interest, Medtronic will apply a pro rata reduction to most tenders, excluding odd-lot holders who requested to exchange fewer than 100 shares.
Medtronic Exchange Offer for MiniMed Shares Oversubscribed
Medtronic plc reported an oversubscribed response to its offer to exchange shares of MiniMed Group, Inc. for its own ordinary stock. With the offer period concluding on October 9, the healthcare giant plans to offload its remaining 252.8 million shares of MiniMed common stock to participating investors.
Medtronic currently estimates that approximately 18.3% of the tendered shares will be exchanged, though this figure remains subject to adjustment based on final delivery procedures. The company expects to release the definitive proration factor on October 14, 2026, once the guaranteed delivery period closes. Any shares not accepted in the exchange will be returned to investors in book-entry form. Goldman Sachs & Co. LLC and BofA Securities, Inc. served as dealer managers for the transaction, which marks the full divestment of Medtronic’s interest in the MiniMed group.
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