Medtronic completes MiniMed exit via oversubscribed exchange offer

Medtronic's exchange offer for MiniMed Group was oversubscribed, so it is exchanging all of its remaining 252.8 million MiniMed shares for about 55 million Medtronic ordinary shares. Tendered shares will be accepted on a pro rata basis at a proration factor of 18.289%, with odd-lot holders exempt. Once the exchange is completed, Medtronic will hold no MiniMed stock.

Why it matters: The split-off finishes Medtronic's separation of its diabetes business and shrinks its share count without spending cash.