Medtronic (MDT) to Acquire Covidien in $49.2 Billion Deal
Shares of the Medtronic Inc. (MDT) were trading up +7.45 or +12.27 percent to $68.15 per share in pre-market trading Monday morning, after news broke on Sunday that the company would be taking over UK based Covidien plc (COV) for $49.2 billion. Medtronic stock closed at $60.70, down -0.09 or -0.15 percent in Fridayâ s regular trading session.
Covidien stock was trading up +25.48 or +35.38 percent to $97.50 per share, the stock closed at $72.02, down -0.02 or -0.03% in Fridayâ s regular trading session.
Founded in 1949, Fridley, Minnesota based Medtronic Inc. is the fourth largest medical supply company in the world. The company is divided into six units that develop and manufacture therapies and devices for the treatment of more than 30 chronic diseases such as, Parkinsonâ s disease, obesity, Down syndrome, chronic pain, urinary incontinence, diabetes and heart failure. Medtronic is a major maker of pacemakers, spinal implants and products for interventional cardiology and vascular surgery. Dublin, Ireland based Covidien plc is a major manufacturer of medical devices and pharmaceuticals. The company has offices in the United States and India and employs more than 43,000 people worldwide. The company was originally part of Tyco International (TYC
) until it was spun off in 2007. The deal announced on Sunday, was for Medtronic to acquire Covidien for $42.9 billion in cash and stock and will create a giant in the field of medical devices. The deal is being structured as an â
Published on Jun 16, 2014
By Jay Hawk