Medtronic ($MDT) has received tenders for more than five times the number of shares it plans to accept in its MiniMed ($MMED) exchange offer. In preliminary results released October 12, the company estimated that approximately 18.3% of shares subject to proration will be exchanged. Qualifying holders of fewer than 100 MDT shares who tendered their entire holdings are… Read More »
Medtronic’s ($MDT) split-off of MiniMed ($MMED) enters its three-day pricing period Monday, October 5, with an important constraint already in effect. The exchange offer is structured to give participating shareholders approximately $107.53 of MMED for each $100 of MDT accepted, but only when the maximum exchange ratio does not apply. That maximum is 4.5939 MMED shares for each… Read More »
Last March, we reported that CBS(CBS) was considering ‘strategic options’ for its radio business. After it was unable to find a buyer, the company moved forward with plans for an IPO and spinoff of CBS Radio. Today, the company again announced a change of plans. Instead of an IPO, the company will be spun off and immediately merge… Read More »
The trend towards tax-efficient divestitures continues with Axiall (AXLL) – previously called Georgia Gulf Corporation – obtaining PPG’s (PPG) former commodity chemicals business using a Reverse Morris Trust. The trend of using Reverse Morris Trusts to ‘sell’ divisions has been previously reported by Stock Spinoffs here. In the transaction, PPG created a short-lived spinoff, Eagle Spinco, and allowed… Read More »