Medtronic Fixes Exchange Ratio at 4.5939 for MiniMed Separation
Medtronic has set the final exchange ratio for its offer to swap its ordinary shares for MiniMed common stock at 4.5939. The company plans to exchange as many as 225,361,295 MiniMed shares and may add 27,452,053 more if the offer is oversubscribed. The exchange offer is scheduled to expire at midnight New York time on October 9, 2026.
Medtronic, based in Galway, Ireland and listed on the NYSE, is offering MiniMed shares to holders of its ordinary stock. The final ratio is 4.5939 MiniMed shares for each accepted Medtronic share. The offer covers up to 225,361,295 MiniMed shares, with another 27,452,053 possible if demand exceeds the initial amount.
If oversubscribed, Medtronic estimates accepting about 55,032,401 of its own shares when including the extra MiniMed stake, or about 49,056,639 without that increase. Tenders may be prorated. The offer closes at midnight New York time on October 9, 2026. Goldman Sachs and BofA Securities are dealer managers.
Count: First paragraph: Medtronic(1), based2, in3, Galway4, Ireland5, and6, listed7, on8, the9, NYSE10, is11, offering12, MiniMed13, shares14, to15, holders16, of17, its18, ordinary19, stock20. The21 final22 ratio23 is24 4.593925 MiniMed26 shares27 for28 each29 accepted30 Medtronic31 share32. The33 offer34 covers35 up36 to37 225,361,29538 MiniMed39 shares40, with41 another42 27,452,05343 possible44 if45 demand46 exceeds47 the48 initial49 amount50. Good 50.
Second: If1 oversubscribed2, Medtronic3 estimates4 accepting5 about6 55,032,4017 of8 its9 own10 shares11 when12 including13 the14 extra15 MiniMed16 stake17, or18 about19 49,056,63920 without21 that22 increase23. Tenders24 may25 be26 prorated27. The28 offer29 closes30 at31 midnight32 New33 York34 time35 on36 October37 9,38 202639. Goldman40 Sachs41 and42 BofA43 Securities44 are45 dealer46 managers47. Tota
The separation could affect Medtronic shareholders weighing whether to swap into MiniMed stock, as well as MiniMed investors and employees. For patients who depend on diabetes devices such as insulin pumps, an independent MiniMed may sharpen focus or create transition uncertainty. Clinicians and health systems may watch whether product support, innovation, and supply remain stable. The exchange offer itself mainly redistributes ownership; broader effects on device access, competition, and care could emerge over time, but they are not assured. Count: The1 separation2 could3 affect4 Medtronic5 shareholders6 weighing7 whether8 to9 swap10 into11 MiniMed12 stock13, as14 well15 as16 MiniMed17 investors18 and19 employees20. For21 patients22 who23 depend24 on25 diabetes26 devices27 such28 as29 insulin30 pumps31, an32 independent33 MiniMed34 may35 sharpen36 focus37 or38 create39 transition40 uncertainty41. Clinicians42 and43 health44 systems45 may46 watch47 whether48 product49 support50, innov