Medtronic Launches Exchange Offer for Shareholders to Get MiniMed Shares at a Discount

By Kelly Cloonan

Medtronic commenced an exchange offer to allow its shareholders to swap their Medtronic shares for shares of MiniMed Group at a discount, in a move expected to complete the companies' separation.

Medtronic's exchange offer aims to split off at least 80% of its shares of MiniMed, Medtronic said Monday.

MiniMed, Medtronic's former diabetes business, went public in March, with Medtronic retaining a 90% ownership interest in the company.

Under the exchange offer, Medtronic shareholders can exchange their Medtronic ordinary shares for shares of MiniMed common stock at a 7% discount, subject to an upper limit of about 4.59 shares of MiniMed common stock per Medtronic ordinary share tendered and accepted.

If the upper limit is not in effect, tendering shareholders are expected to receive about $107.53 of MiniMed common stock for every $100 of Medtronic ordinary shares tendered.

Medtronic said the offer reflects its confidence in MiniMed as a standalone company, with strong results and an innovation pipeline.

"Going forward as an independent company, MiniMed will have the focus and flexibility to build on its momentum, while Medtronic can further focus our capital allocation on our growing cardiovascular, neuroscience, and surgical portfolios," Medtronic's Chief Executive Geoff Martha said.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

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September 14, 2026 08:28 ET (12:28 GMT)