European Investor
08 Oct 2026, 16:38
Medtronic Sets Final 4.5939 Exchange Ratio for MiniMed Split-Off
Medtronic announced a final exchange ratio of 4.5939 MiniMed shares for each Medtronic share accepted in its previously announced exchange offer, advancing the separation of its diabetes business.
The company is offering up to 225.4 million MiniMed shares in exchange for Medtronic ordinary shares. If the offer is oversubscribed, Medtronic currently intends to distribute its remaining 27.5 million MiniMed shares as well, which would fully separate its ownership interest.
The calculated exchange ratio would have exceeded the permitted maximum, so the final ratio was capped at 4.5939 MiniMed shares per Medtronic share.
If Medtronic distributes all of its remaining MiniMed stake, it expects to accept about 55.0 million Medtronic shares in the exchange. Without the additional distribution, approximately 49.1 million shares would be accepted. Oversubscription would result in proration among participating shareholders.
The exchange offer is scheduled to expire at midnight New York time on October 9, unless extended or terminated.
The transaction represents a major step in Medtronic’s plan to separate MiniMed as an independent publicly traded diabetes technology company, while allowing Medtronic to further concentrate its portfolio on its remaining medical technology businesses.
Medtronic announced a final exchange ratio of 4.5939 MiniMed shares for each Medtronic share accepted in its previously announced exchange offer, advancing the separation of its diabetes business.
The company is offering up to 225.4 million MiniMed shares in exchange for Medtronic ordinary shares. If the offer is oversubscribed, Medtronic currently intends to distribute its remaining 27.5 million MiniMed shares as well, which would fully separate its ownership interest.
The calculated exchange ratio would have exceeded the permitted maximum, so the final ratio was capped at 4.5939 MiniMed shares per Medtronic share.
If Medtronic distributes all of its remaining MiniMed stake, it expects to accept about 55.0 million Medtronic shares in the exchange. Without the additional distribution, approximately 49.1 million shares would be accepted. Oversubscription would result in proration among participating shareholders.
The exchange offer is scheduled to expire at midnight New York time on October 9, unless extended or terminated.
The transaction represents a major step in Medtronic’s plan to separate MiniMed as an independent publicly traded diabetes technology company, while allowing Medtronic to further concentrate its portfolio on its remaining medical technology businesses.
