Medtronic Files Formal Tender Offer for $5.3B MiniMed Split-Off
MDT sits 29% above its 52-week low of $73.31.
Summary
Medtronic formally launched its $5.3B exchange offer to split off MiniMed Group, allowing shareholders to swap Medtronic shares for MiniMed stock at a 7% discount. The deal requires at least 80.1% of MiniMed to be separated, with potential for full divestiture.
Key Events · M&A and Partnerships · MDT
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Exchange Offer Formally Commenced
Medtronic filed its Schedule TO to exchange up to 225,361,295 newly issued MiniMed shares (80.1% of MiniMed) for Medtronic ordinary shares, with an option to add 27,452,053 more shares if oversubscribed.
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Transaction Valued at $5.3B
The deal is valued at $5,313,261,120.09, based on acquiring up to 57,986,043 Medtronic shares at $91.63 per share (average NYSE price on September 11, 2026).
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Exchange Ratio and Discount
The indicative exchange ratio is 4.3599 MiniMed shares per Medtronic share, representing a 7% discount for shareholders tendering Medtronic stock.
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Minimum Participation Threshold
Completion requires at least 112,680,647 MiniMed shares to be issued in exchange for validly tendered Medtronic shares.
Analysis · MDT · Industrial Applications And Services
The formal tender offer for the MiniMed separation is now underway, with Medtronic filing its Schedule TO. The transaction is valued at $5.3 billion, based on acquiring up to 57.99 million Medtronic ordinary shares at $91.63 each. Shareholders can exchange their Medtronic shares for MiniMed stock at a 7% discount, with an indicative ratio of 4.3599 MiniMed shares per Medtronic share. At least 80.1% of MiniMed must be split off, and if the offer is oversubscribed, Medtronic may divest its entire remaining stake. Notably, the directors do not intend to tender their own shares, which may signal their view on the relative value of the two entities. This major corporate restructuring will reshape Medtronic's portfolio and create a standalone diabetes-focused company.
How filings like this one have moved
In the 30 days to Sep 14, 2026, 41.1% of the 372 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.38%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, MDT was trading at $94.41 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $116.4B. The 52-week trading range was $73.31 to $106.33. This filing was assessed with neutral market sentiment and an importance score of 9 out of 10.