01.08.15
Medtronic Inc. shareholders voted on Jan. 6 to approve the medical device giant’s acquisition of Irish company Covidien plc. Based on preliminary vote results, the proposal to adopt the transaction agreement and approve the merger was approved by shareholders owning approximately 95.66 percent of the shares voted at the meeting and approximately 75.18 percent of the outstanding Medtronic shares as of the record date. The final vote results will be filed on a Form 8-K with the U.S. Securities and Exchange Commission on Jan. 9.
Covidien’s shareholders also approved the sale on the same day. The transaction is expected to close in the last week of January or early February, subject to approval by the High Court of Ireland.
“We are extremely pleased with the positive vote we received today by our shareholders," said Omar Ishrak, chairman and CEO of Medtronic. "We are convinced that the addition of Covidien's people and technologies will allow us to expedite our strategic initiatives and will allow us to treat more people, in more ways and in more places around the world. We look forward to closing this transaction by the end of January or early February.”
The transaction will serve as a tax inversion deal for Medtronic, which hopes to save on taxes by moving its headquarters from Minneapolis, Minn. to Dublin, Ireland. The new company will be named Medtronic plc.
Covidien’s shareholders also approved the sale on the same day. The transaction is expected to close in the last week of January or early February, subject to approval by the High Court of Ireland.
“We are extremely pleased with the positive vote we received today by our shareholders," said Omar Ishrak, chairman and CEO of Medtronic. "We are convinced that the addition of Covidien's people and technologies will allow us to expedite our strategic initiatives and will allow us to treat more people, in more ways and in more places around the world. We look forward to closing this transaction by the end of January or early February.”
The transaction will serve as a tax inversion deal for Medtronic, which hopes to save on taxes by moving its headquarters from Minneapolis, Minn. to Dublin, Ireland. The new company will be named Medtronic plc.