Watch for the final results of the exchange offer results due after October 9, 2026. The proration will determine the final share count reduction. The exchange is a structural event, not a fundamental change.
Price Chart
Executive Summary
Medtronic filed Amendment No. 2 to its Schedule TO, setting the final exchange ratio at 4.5939 MiniMed shares per Medtronic ordinary share in its split-off of MiniMed Group. The exchange offer expires October 9, 2026, and Medtronic will accept up to ~55 million Medtronic shares if oversubscribed, representing a significant reduction in Medtronic's share count and full exit from its MiniMed stake.
Key Facts
- Final exchange ratio set at 4.5939 MiniMed shares per Medtronic ordinary share.
- Medtronic offering up to 225,361,295 MiniMed shares (80.1% of outstanding MiniMed stock).
- If oversubscribed, Medtronic may exchange additional 27,452,053 MiniMed shares for up to ~5,975,762 Medtronic shares (De Minimis Increase).
- Medtronic would accept ~55,032,401 Medtronic shares if oversubscribed, or ~49,056,639 if not.
- Exchange offer expires at midnight October 9, 2026.
- Goldman Sachs and BofA Securities are dealer managers.
Financial Impact
Medtronic will exchange up to ~55 million Medtronic shares for MiniMed shares, reducing Medtronic's share count by up to ~55 million shares (if oversubscribed). The exchange ratio was set at the upper limit of 4.5939, with no cash involved.
Risk Factors
- Oversubscription may be oversubscribed, leading to proration and potential lower share reduction.
- The exchange is a structural event, not a fundamental change.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC TO-I/A Filing (Primary) | 0001628280-26-065406 |
| Document: 0001628280-26-065406-index-headers.html | 0001628280-26-065406 |
| Document: 0001628280-26-065406-index.html | 0001628280-26-065406 |
| Document: 0001628280-26-065406.txt | 0001628280-26-065406 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 8d ago | 8-K | $94.63 | awaiting T+60 | — | $93.95 (−0.72%) |
Oct 16, 2026 11d ago | Insider Cluster | $92.77 | awaiting T+60 | — | $93.95 (−1.27%) |
Oct 16, 2026 11d ago | Insider Cluster | $92.77 | awaiting T+60 | — | $93.95 (−1.27%) |
Oct 15, 2026 12d ago | 144 | $95.45 | awaiting T+60 | — | $93.95 (−1.57%) |
Oct 14, 2026 13d ago | SC TO-I/A | $94.23 | awaiting T+60 | — | $93.95 (−0.30%) |
Oct 14, 2026 13d ago | 425 | $94.23 | awaiting T+60 | — | $93.95 (−0.30%) |
Oct 13, 2026 14d ago | SC TO-I/A | $93.01 | awaiting T+60 | — | $93.95 (+1.01%) |
Oct 13, 2026 14d ago | 425 | $93.01 | awaiting T+60 | — | $93.95 (+1.01%) |
Oct 9, 2026 18d ago | 425 | $91.93 | awaiting T+60 | — | $93.95 (+2.20%) |
Oct 8, 2026 19d ago | 425 | $88.48 | awaiting T+60 | — | $93.95 (+6.18%) |
US Market Status
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