Medtronic stock: Exchange offer launched to separate MiniMed

Medtronic launched an exchange offer on September 14, 2026, to separate at least 80.1% of MiniMed. The offer is subject to conditions and was expected to expire on October 9, 2026.

Medtronic plc launched an exchange offer on September 14, 2026, to complete the separation of at least 80.1% of MiniMed Group, Inc. Under the offer, Medtronic shareholders can exchange Medtronic ordinary shares for MiniMed common stock. The transaction is intended to be generally tax-free for U.S. federal income tax purposes, subject to its terms and conditions. Details were provided in a Medtronic press release.

Terms of the offer

The exchange offer provides for a 7% discount, subject to an upper limit of 4.5939 MiniMed shares for each Medtronic ordinary share tendered and accepted. If the upper limit is not in effect, tendering shareholders were expected to receive approximately USD 107.53 of MiniMed stock for every USD 100 of Medtronic ordinary shares tendered, according to the company announcement.

Conditions and timing

Completion was subject to conditions including the issuance of at least 112,680,647 MiniMed shares in exchange for validly tendered Medtronic ordinary shares and receipt of a tax opinion. If the offer was not extended or terminated, its expiration date was expected to be October 9, 2026, with the final exchange ratio to be announced by 9:00 a.m. New York City time on the preceding trading day, the release said.