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Medtronic Inc to acquire Covidien plc for $42.9 bln in cash and stock

Sunday, 15 Jun 2014 07:30pm EDT 

Medtronic Inc and Covidien plc:Enter into definitive agreement under which Medtronic has agreed to acquire Covidien in a cash-and-stock transaction valued at $93.22 per Covidien share, or a total of about $42.9 bln, based on Medtronic's closing stock price of $60.70 per share on June 13.Says boards of both companies have unanimously approved transaction.Upon completion of transaction, each outstanding ordinary share of Covidien will be converted into right to receive $35.19 in cash and 0.956 of an ordinary share of Medtronic plc.Expect transaction to close in fourth calendar quarter of 2014 or early 2015.Medtronic's financial advisor is Perella Weinberg Partners LP and its legal advisors are Cleary Gottlieb Steen & Hamilton LLP and A & L Goodbody.Covidien's financial advisor is Goldman, Sachs & Co. and its legal advisors are Wachtell, Lipton, Rosen & Katz and Arthur Cox.Bank of America Merrill Lynch provided committed financing for transaction. 

Company Quote

0.95 +1.45%
24 Oct 2014