Stryker Corp. (SYK) said Monday that its indirect, wholly owned subsidiary, Stryker B.V., has extended the offering period of its previously announced cash tender offer for all outstanding ordinary shares of medical device company Wright Medical Group N.V. (WMGI).
The tender offer was made following the purchase agreement, dated November 4, 2019, among Stryker, Stryker B.V. and Wright Medical. The acquisition has a total equity value of approximately $4.0 billion. The tender offer is now scheduled to expire on August 31, 2020.
American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, has advised Stryker B.V. that as of June 26, 2020, the last business day prior to the announcement of the extension of the offer, 10.40 million Wright Medical ordinary shares were validly tendered and not properly withdrawn.
The shares, which exclude Wright Medical ordinary shares tendered pursuant to guaranteed delivery procedures, represent about 8.1 percent of the outstanding Wright Medical ordinary shares.
An additional 1.123 million Wright Medical ordinary shares, representing approximately 0.9 percent of the outstanding shares, had been tendered pursuant to guaranteed delivery procedures.
The tender offer will continue to be extended until all conditions are satisfied or waived, or until it is terminated, Stryker said. Innisfree M&A Inc. is acting as information agent for the tender offer.
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