MDT · News · 20261012N

MiniMed Separation

Medtronic plc · 2026-10-12 · Importance 65 · Surprise 60 · In source text

Medtronic’s exchange offer for MiniMed Group expired at midnight on October 9, 2026, and was oversubscribed. Medtronic will exchange all of its remaining 252,813,348 MiniMed shares at a ratio of 4.5939 MiniMed shares for each Medtronic ordinary share accepted. Approximately 298.0 million Medtronic shares were tendered, with about 18.3% expected to be accepted pro rata, resulting in the exchange of approximately 55.0 million Medtronic shares and leaving Medtronic with no remaining MiniMed ownership.

Key facts

• Based on preliminary results, Medtronic decided to exchange all of its remaining interest in MiniMed, totaling 252,813,348 shares of MiniMed common stock. source
• Medtronic will exchange 55.0M Medtronic shares for its remaining 252.8M MiniMed shares at a ratio of 4.5939 MiniMed shares per Medtronic share. source
• Once completed, the exchange will leave Medtronic with no remaining ownership in MiniMed. source
• Medtronic finalized the spin-off of its MiniMed diabetes unit and set the exchange ratio at the upper bound. source
• The final proration factor for the exchange offer was expected on October 14, 2026, after the guaranteed delivery period ends. source
• Medtronic has set a final MiniMed exchange ratio of 4.5939 shares for each accepted Medtronic share. source
• Under the terms of the exchange offer, 4.5939 shares of MiniMed common stock will be exchanged for each Medtronic ordinary share accepted in the exchange offer. source
• An estimated 18.3% of tendered Medtronic shares will be accepted on a pro rata basis. source

Impact estimates