Medtronic Says MiniMed Stock Exchange Offer Was Oversubscribed

09:21 AM EDT, 10/12/2026 (MT Newswires) -- Medtronic (MDT) said Monday that its offer to exchange 4.5939 shares of MiniMed (MMED) for each outstanding Medtronic share was oversubscribed based on preliminary results. Medtronic said it intends to accept roughly 55 million of the tendered shares in exchange for about 252.8 million shares of MiniMed common stock, adding that it is accepting shares on a pro rata basis in proportion to the number of shares tendered. The company said about 18.3% of the tendered Medtronic ordinary shares will be exchanged, based on total number of Medtronic shares that have been reported to be tendered, according to a statement. Medtronic said it expects to announce the final proration factor on Wednesday, and that it will not retain any shares of MiniMed after the completion of the exchange offer. Medtronic shares were up 2.5% pre-bell Monday, while MiniMed shares were down 3.7%.